Biden administration to roll out beta test of student loan forgiveness application

The Education Department this week rolled out a beta test of the Biden administration's student loan forgiveness application, one that will allow applicants to submit a preliminary forgiveness request that will ultimately be granted by the federal government. 

The test application launched late Friday evening. The portal to apply will reportedly be intermittently unavailable during the testing phase. The official program could launch as early as next week. 

An Education Department spokesman told CNBC the test "will allow the department to monitor site performance through real-world use, test the site ahead of the official application launch, refine processes and uncover any possible bugs prior to official launch."

The Biden administration has said it will forgive student loans up to $10,000 for most borrowers, with low-income Pell grant recipients able to discharge up to $20,000 in debt.