Do you have questions about the student loan relief plan the Biden administration unveiled on Wednesday? Please email them to reporter Alicia Adamczyk at alicia.adamczyk@fortune.com.
On Wednesday, after months of anticipation, President Joe Biden announced his plan for widespread student debt forgiveness. Millions of federal borrowers will receive up to $20,000 in debt relief, depending on their income and loan type.
In addition to loan forgiveness, Biden also extended the pause on student loan payments for the last time. Borrowers will not need to pay their monthly loan bills until January 2023.
There are still many unknowns about the student debt forgiveness plan and how it will it work, including a timeline of when borrowers can expect to see their balances shrink.
But the U.S. Department of Education and other student loan experts were able to answer some of Fortune‘s questions about Biden’s plan. Here’s what we know so far.
Who qualifies for student loan forgiveness?
Borrowers who took out most types of federal loans before July 2022 qualify for forgiveness if they—or their parents, if they are dependents—earned under $125,000 in tax year 2020 or 2021. For married couples who file taxes jointly and heads of household, the income threshold is doubled to $250,000.
The highest-income borrowers do not qualify for forgiveness.
Which loans qualify for forgiveness?
Federal undergraduate, graduate, Parent PLUS, and Pell Grants all count under…
