LANSING, Mich. (Michigan News Source) – Michiganders are gearing up to cash in on President Joe Biden’s student loan forgiveness plan.

Starting in October, people can begin applying for the $10,000 student loan forgiveness for federal student loans borrowed before June 30, 2022.

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Gov. Gretchen Whitmer estimates nearly 700,000 Michigan residents will have their student debt cut in half or erased completely.

To be eligible, borrowers must make less than $125,000 individually or $250,000 as married couples in 2020 or 2021.

Eligible borrowers must apply by December 31, 2023.

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Debt relief will show up on loans six to eight weeks after submitting applications.