In August, the Biden-Harris administration announced a plan to forgive $10,000 in federal student loan debt and $20,000 for recipients of Pell Grants. The application process is now open.

Eligible borrowers should go to https://studentaid.gov/ and click on “apply now.” Fill out the brief questions and click submit. You do not need to upload any documents. It’s unknown how long it will take for an application to be approved.

Student loan forgiveness is limited to Americans earning under $125,000 per year, or $250,000 for married couples or heads of households. The Education Department noted that the relief is capped at the amount of a borrower’s outstanding eligible debt.

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Biden’s student debt relief plan has been widely praised. The National Urban League called it “a first step” toward “the financial freedom needed to purchase a home, save for retirement, and build wealth for themselves and their families.” The civil rights organization, citing a Brookings Institution report, noted that Black college graduates owe an average $7,400 more than their white peers upon graduation. One in four Black borrowers would see their debt cleared entirely under the plan.

Six GOP-led states are suing the Biden administration over student loan forgiveness but it’s unclear if the lawsuits will have any traction.

The deadline to apply is December 31, 2023.