Since the Biden Administration announced their plan to cancel a portion of federal student debt for borrowers, new details about what that plan will entail have been unveiled by the White House.

Forbes recently reported on several major updates to Biden’s student loan cancellation rollout that you might have missed:

By the look of things, the Department of Education has hinted that an application for student loan cancellation will be available sometime in October.

“The Department anticipates a four to six week turnaround time once an application is submitted. While officials are encouraging borrowers to submit the application by November 15 so that they can receive loan forgiveness by the time student loan payments restart in January, borrowers will have a full year to submit their application.

The Department recommends logging in to your StudentAid.gov account to ensure your contact information is up to date. You can also sign up for alerts.”

Eligible borrowers will be able to apply for $10,000 of student loan cancellation, or up to $20,000 if they are a Pell Grant recipient. To qualify, individual applicants must make less than $125,000 in yearly income or less than $250,000 jointly if they are married.

Income guidelines are specific to the 2020-2021 financial years.

“The Education Department has indicated that to qualify, borrowers must have earned under $125,000 in income, or $250,000 if they are married, in either 2021 or 2020. That means borrowers can use their income as reported in either of those years. The key figure is the borrower’s Adjusted Gross Income (AGI) as reported on their federal tax return.”

Almost all federal loans are eligible for cancellation. This includes undergraduate loans, graduate loans, and Parent PLUS loans.

“Government-held loans include all federal Direct student loans, as well as some FFEL-program loans and Perkins loans held by the government. Defaulted federal student loans also qualify.

FFEL-program loans held by private, commercial lenders do not automatically qualify for student loan forgiveness under the Biden initiative. However, the Education Department confirmed that FFEL borrowers ‘can receive this relief by consolidating these loans into the Direct Loan program.’”

Read the full article here.