As a baby boomer still smothered in student debt, what help from Biden can I expect to receive? Not a lot — but it's a start

And while the forgiveness may feel like a drop in the bucket, older borrowers will no doubt be glad for any amount of relief. Here’s how to prepare for it.

Debt for older borrowers is only growing

According to the Department of Education, 4.8 million borrowers between the ages of 50 to 61 owe a combined $225.8 billion in student loan debt, while 1.4 million borrowers 62 and older owe $70.2 billion.

Those numbers have been rapidly building over the past five years, as baby boomer borrowers age and interest builds on the loans at a rate that often far exceeds the original amount borrowed for school.

As of mid-2018, the total debt owed by borrowers 62 and over was less than half of what it is today.

More: Refinance your student loan at a lower rate with Credible

A clean slate

The $10,000 loan forgiveness applies to borrowers of undergraduate, graduate and Parent PLUS loans managed by the Department of Education with incomes of $125,000 or less for an individual, $250,000 for couples.

If the borrower received a Pell Grant — which goes to the poorest students — up to $20,000 in debt will be forgiven.

Assuming they meet the income limit, the $10,000 in forgiveness could wipe out the total debt for 1.84 million borrowers between 50 and 61 and for 870,000 borrowers 62 and older.

What to do as a borrower

You’ll need to file an application, which is expected to be available in October.

While there’s no deadline to apply, the department recommends filing by Nov. 15.

From there, the application process is expected to take four to six weeks. Borrowers can either check back on the Department of Education’s site for updates on debt relief or register to get them by email.