Wis. (WLAX/WEUX) – Applications for student loan relief could be available soon. To get ready, there are steps you can take now. Last week, President Biden announced Pell grant recipients can get up to 20-thousand-dollars in student loans forgiven.

For other borrowers, that number is up to 10-thousand-dollars. Before applying, make sure you meet the income criteria. You’re eligible if the adjusted gross income on your recent tax return is less than 125-thousand-dollars a year.

For married couples, that threshold is less than 250 thousand. While most types of federal student loans qualify for forgiveness, it’s not clear if the commercially held federal family education loan will be included since it is held by a private company.