From a New York Times story by Ron Lieber and Tara Siegel Bernard headlined “What You Need to Know About Biden’s Student Loan Forgiveness Plan”:

President Biden’s executive order on Wednesday will cancel up to $20,000 worth of federal student loans for millions of people. But not everyone with debt will qualify.

The order includes rules that will maintain the balances of debtors who currently have high incomes. Those who do qualify will need to navigate the balky federal loan servicing system and keep a close eye on their accounts and credit reports for any mistakes.