President Biden announced on Wednesday that the federal government would cancel up to $20,000 worth of federal student loans for millions of people.

But not everyone with debt will qualify.

The action 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.

It also extends the pause on monthly student loan payments, which means that borrowers won’t have to resume payments until at least January, and provides details on a new proposal to create a more affordable income-driven repayment plan.

What follows are questions you may have about the cancellation program with answers that have come from the White House, the Department of Education and student loan servicers.

We will update this article in the coming days and weeks as more details become available.

Individuals who are single and earn under $125,000 will qualify for the $10,000 in debt cancellation.

Who qualifies for loan cancellation?

If you’re married and file your taxes jointly or are a head of household, you qualify if your income is under $250,000.

Who qualifies for loan cancellation?

Eligibility will be based on your adjusted gross income. Income figures from either 2020 or 2021 can render you eligible, but 2022 income will not.