About 700,000 people who have student loan debt in Colorado are expected to benefit from the Biden administration’s student debt cancellation program announced last month, according to the Colorado Attorney General’s Office.

Here’s some information about who is eligible and how to learn more about the process.

Who is eligible for debt cancellation under the new plan?

The loan cancellation applies to borrowers who have loans held by the U.S. Department of Education. Private student loans are not covered. People with an annual, individual income of $125,000 or less during the pandemic or married couples or heads of households making under $250,000 are eligible for up to $10,000 in loan cancelation.

If a borrower meets those income standards and received a Pell Grant in college — a federal grant awarded to students with exceptional financial need — they are eligible for up to $20,000 of relief.

How do you get loan forgiveness?

The U.S. Department of Education is launching an application that borrowers should fill out to receive their debt cancellation. The application is expected to open in early October. To receive a notification when the application is available, borrowers can sign up at ed.gov/subscriptions.

Read the full story at DenverPost.com.