The application of the student loan forgiveness program will be available in early October, according to the announcement from White House.

After submitting successful application, Borrowers should anticipate their loan amounts will be lowered or completely wiped in certain cases within four to six weeks.

Days after Biden promised to relieve debtors of their federal student loan burden, the statement was come.

Borrowers who earn under $125,000 annually or married couples who earn under $250,000, Biden promised he would forgive up to $10,000.

Forgiveness of up to $20,000 will available to those who had got Pell Grants, government funding that offered lower-earnings students.

Particulars of the plan persist to come out from the Biden administration, providing students a plainer reorganization of how the forgiveness will work.