The federal student loan forgiveness application launches soon. Here’s what to know before applying.

Any day now, millions of student loan borrowers across the country will start seeking forgiveness. Here’s a breakdown of recent changes in who’s eligible and what to know before applying.

When it was announced, the program offered borrowers earning as much as $125,000 per year up to $10,000 in forgiveness for federal student loans. Those who used Pell Grants to attend college — students with high financial need — could get up to $20,000 in debt forgiven.

Some FFEL and Perkins Loans borrowers are no longer eligible

But last week, the U.S. Department of Education cut some student borrowers out of the plan. That’s because some Perkins Loans and Federal Family Education Loans (FFEL) are commercially owned, rather than held by the government. FFEL was phased out more than a decade ago, but millions of borrowers still have these kinds of loans.

Borrowers who applied to consolidate their FFEL or Perkins Loans into federal Direct Loans prior to Sept. 29 will still get the relief, according to the department. For those who did not consolidate before that time, the Education Department says it’s “assessing whether there are alternative pathways” to help these borrowers. It says it’s discussing the issue with private lenders. Legal experts tells NPR that the change in policy may be to avoid lawsuits.

What to know if you do qualify

If you haven’t already, create an account at StudentAid.gov. There, you should be able to check whether your loans qualify for relief.

Trent Graham works for the nonprofit financial counseling service GreenPath. He says that for people who are eligible for forgiveness, submitting the application on time is key. 

“It’s going to be tight a little bit, but hopefully, the more you get the information at Department of Ed site, the better off you’re going to be.”

ED hasn’t said exactly when applications will open — but says it will happen this month. Officials advise those who want their loans forgiven before repayments resume next year, to apply by Nov. 15. That deadline could be especially important for folks whose student loan balances will be completely erased by the program.

Graham says borrowers should update their contact information with their loan servicers and sign up for updates at studentaid.gov. You can subscribe to get email and text alerts as soon as the application opens. 

The Education Department says the application will be a short, simple online form and will not require uploading any documents. The application window for one-time student debt forgiveness closes at the end of 2023.