TAMPA, Fla. (WFLA) – President Biden said more than 40 million Americans are now eligible to apply for his student debt cancellation program. Those who qualify could receive up to $20,000 in debt forgiveness.

So far, more than eight million people have already applied. It’s pretty simple and a straight forward application taking about five minutes to complete.

Here is a step-by-step process to filling out the federal student loan forgiveness application:

  1. First, go to www.studentaid.gov/debt-relief/application
  2. Fill in your first name, last name, and if applicable, a former last name
  3. Then you’ll need to put in your Social Security number
  4. Re-type your Social Security number
  5. Enter your date of birth
  6. Enter your phone number
  7. Type in your email address
  8. Re-enter your email address
  9. Review the agreement (This acknowledges that you are the person completing the form requesting debt relief, that you qualify, and that you will submit additional information if necessary.)
  10. Then you will need to input your first and last name again
  11. Next, check the box noting that “under penalty of perjury under the laws of the United States of America that all of the information provided on this form is correct.” Penalties for providing false information are listed and include “fines, imprisonment, or both.”
  12. Finally, hit “submit”

Individuals who qualify for $10,000 in federal student debt cancellation made less than $125,000 the last two years or households who earned less than $250,000. Those who received federal Pell Grants to attend college are eligible for an additional $10,000.

President Biden said this plan is a game changer.

“As millions of people fill out the application, we’re going to make sure the system continues to work as smoothly as possible so that we can deliver student loan relief for millions of Americans as quickly and efficiently as possible,” said Biden.

The debt relief program has sparked controversy and criticism from some republicans.

“Their outrage is wrong and it’s hypocritical,” he said. “I will never apologize for helping working Americans and middle-class people as they recover from the pandemic.”

The U.S. Department of Education’s website said it will determine eligibility and will contact you if more information is needed. Your loan servicer will notify you when your relief has been processed. The Biden Administration says it could take up to six weeks.