Student-loan borrowers can start applying for Biden's debt cancellation in early October

• Biden announced up to $20,000 in student-loan forgiveness on Wednesday.
• It will automatically help 8 million borrowers, while others will have to apply.

Student-loan borrowers just got more details from the White House on what accessing loan forgiveness will look like.

On Wednesday, President Joe Biden announced up to $20,000 in student-loan forgiveness for Pell Grant recipients making under $125,000 a year, and up to $10,000 in forgiveness for other federal borrowers under the same income cap. Additionally, Biden extended the student-loan payment pause for his fifth, and what he said is the "final," time, through December 31.

While the Education Department said relief will be automatic for approximately eight million student-loan borrowers with income information readily available, the other borrowers will have to apply through an online form.

Bharat Ramamurti, the National Economic Council deputy director, offered further insight into what the application process will look like during a Friday press briefing. He said that the application will become available for federal borrowers in early October, and borrowers can expect to see relief four to six weeks after they submit their applications.

"Borrowers are advised to apply by roughly November 15 in order to receive relief before the payment pause expires on December 31," Ramamurti said. He noted that borrowers who do not apply before the payment pause expires will still be able to get the relief.

To get notified when the application becomes live, borrowers can sign up at this link.

Ramamurti also emphasized that Biden's announcement "is going to be a one-time thing, in terms of blanket relief." According to a White House fact sheet, the president plans to take other actions to address surging costs of higher education, including looking into specific programs that are causing debt to spiral for their students.