Last week, President Joe Biden announced a massive student loan forgiveness program which will affect millions of borrowers. This means students and/or parents will be able to receive either $10,000 or $20,000 in debt relief depending on the circumstances. However, not everyone is eligible. For example, individual borrowers who make more than $125,000 or households who make more than $250,000 annually do not qualify. Borrowers need to make below $125,000 or $250,000 if married to be eligible for the program. Please read the article below for more details about which federal loans qualify and when is the application timeline.