Student-loan borrowers will have until the end of next year to apply for Biden's one-time debt cancellation

• The application for student loan forgiveness is going to be live in October.

• It will take borrowers until December 31, 2023 to apply for relief.

• The time frame is enough for eligible borrowers.

The application for President Joe Biden's student loan forgiveness will close at the end of the year.

Up to $20,000 in debt cancellation was announced by Biden at the end of the month. Most borrowers will have to apply through an online form if they want to be qualified for federal student aid.

The application will be live in October and borrowers will have until December 31, 2023 to apply for relief. It will take up to six weeks for the relief to hit borrowers' accounts, so the Education Department recommends that borrowers apply before November 15. Before payments resume on January 1, borrowers need to get a form in before that date.

Lawmakers on both sides of the aisle were concerned about how the relief would be rolled out before the debt-cancellation announcement. In June, some of her Democratic colleagues wrote a letter to the Education Secretary expressing the importance of ensuring borrowers get relief quickly and aren't hampered by unnecessary obligations.

The American public is dependent on your agency's ability to deliver debt cancellation quickly and efficiently.

There is a limited time frame for borrowers to get relief. The October launch doesn't give people a lot of time, according to an attorney at the National Consumer Law Center.

Scott Buchanan, the executive director of the Student Loan Servicing Alliance, told Insider that it could take months to operationalize Biden's announcement because it came right before the payment pause expired. He wrote to Cardona that the debt relief could cause disruptions.

Biden's administration hasn't made any public comments about the roll out. The White House press secretary said during a press briefing last week that the department had enacted targeted student-loan forgiveness.

It's not the first time. She said that they have done this before in this administration. There is a precedent here. The Department of Education is familiar with this. We want people to get the information they need.

Business Insider has an article on it.