President Joe Biden said on Wednesday that federal student loan debtors will soon be eligible for debt forgiveness of up to $20,000 per loan. Because appropriate income data is currently available to the Department of Education, debt relief will be automatic for roughly 8 million debtors. However, the remaining 37 million borrowers may be asking how they might qualify for debt relief. Here's what you should know. Who Is Eligible for Loan Forgiveness Under the New Plan? Debt cancellation is available to all federal student loan borrowers who meet the eligibility criteria specified below. Borrowers who work for organizations, the