The student loan forgiveness application will soon be available. Here’s what you need to know to prepare.

Soon, the online application for federal student loan forgiveness will go live, with millions of Americans eligible for relief. In August, President Biden announced his decision to cancel up to $20,000 of debt for Pell Grant recipients who have Department of Education-held loans, and up to $10,000 for those who were not Pell Grant recipients. The relief is limited to those making less than $125,000 a year, or earning less than $250,000 as a married couple. “According to a Department of Education analysis, the typical undergraduate student with loans now graduates with nearly $25,000 in debt,” a White House fact sheet said. Close to eight million borrowers for whom the federal education department already has income data for and whose eligibility can be verified without waiting for an application could receive relief without applying. All others will need to apply for relief.