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For borrowers making under $125,000 per year, federal student loan debt for undergraduate and graduate students should be forgiven up to $10,000.
Private loans will not be forgiven.
Low-income students who borrowed money under the Pell Grant program are eligible for up to $20,000 in debt forgiveness. .
The Education Department claimed that since it already has information about the income of roughly 8 million borrowers, their loans are likely to be automatically forgiven.
The applications for loan forgiveness must be submitted by the remaining borrowers "no later" than December 31.