Anticipation is swirling around the pending student loan forgiveness plan announced by the Biden Administration in late August. The plan can cancel up to $10,000 in debt for eligible student loan borrowers who didn’t receive a Pell Grant. If a borrower is a Pell Grant recipient, they will be eligible for up to $20,000. To be eligible, you must be a student loan borrower with a federal student loan and earned up to $125,000 of annual income (or $250,000 as a joint filer) during the COVID-19 pandemic. Here’s where the plan is so far: An exact date for applying for loan forgiveness has not been set, but the U.S. Department of Education says to expect it by early October. The initial form will be available online, with a paper version available later. The payment pause has been extended through the end of 2022, and another pause will not be coming. Interest will begin accruing again on January 1, 2023, and regular payments will resume. To receive loan forgiveness before the payment pause ends, the Department of Education recommends applying for relief before November 15. Loan servicers will send a notification when relief has been applied to an account. Borrowers should see forgiveness applied to their loan balances within four to six weeks after submission of the application. Note that borrowers with FFEL or Perkins loans not held by the Department of Education may not be able to obtain debt relief due to new guidance issued by the Depart