Student borrowers who makes less than $125,000 a year, or $250,000 for married couples, would receive $10,000 in student loan forgiveness under the new plan announced by President Joe Biden. Those who received a Pell Grant, usually given to students with exceptional financial need, will get $20,000 of debt forgiven. Debt cancellation will be automatic for some borrowers if the Education Department already has their income information from 2020 or 2021. Most borrowers will likely need to fill out an application, which will be available in early October.