According to the White House, the Department of Education is working to quickly set up a simple application process for borrowers to claim loan relief. While the application is not available as of the presidential announcement, it will be available no later than the pause on federal student loan repayments ending on Dec. 31.
The White House stated in the student loan fact sheet, “It is anticipated that nearly eight million borrowers may be eligible to receive the relief automatically because their relevant income data is available to the Department of Education.”
The Department of Education has a subscription that borrowers can sign up for to receive Federal Student Loans Borrower Updates on its website.
Additional information about the Student Debt Relief Plan is available on the White House’s Fact Sheet.