01 graduates student debt STOCK
CNN  — 

Federal student loan borrowers can now apply for President Joe Biden’s student loan forgiveness program.

The application is available on the Department of Education’s website.

Individual borrowers who make less than $125,000 a year and married couples or heads of households who make less than $250,000 annually are eligible to have up to $10,000 of their federal student loan debt forgiven.

If a qualifying borrower also received a federal Pell grant while enrolled in college, the individual is eligible for up to $20,000 of debt forgiveness

The form is short and borrowers are not required to upload any supporting documents unless the Department of Education later requests additional information.

Borrowers should receive an email confirmation after their application form is successfully submitted. They are also expected to be notified when their application has been approved and sent to their loan servicer.

If you’ve applied for the federal student loan relief, we want to hear about your experience. How did the application process go? Did you run into any problems? What will the debt relief mean for you?