How to Apply for $10K-$20K Student Loan Debt Forgiveness

President Joe Biden on Wednesday announced his administration is canceling as much as $20,000 in student loan debt for borrowers who meet income guidelines. The administration is also extending the pause on repaying student loans till January 2023.

While some borrowers may automatically see their debt forgiven by the Department of Education without taking any additional steps, many more will need to apply for forgiveness. We'll explain below. 

Keep reading to find out if you're eligible for Biden's student loan debt forgiveness plan and how to apply. For more information, here's everything you need to know about student loan forgiveness.