Student-loan borrowers, check your emails — you might find a message from President Joe Biden in your inbox telling you that your debt is canceled.

On Wednesday morning, the White House and Education Department announced it would be canceling $1.2 billion in student debt for 153,000 borrowers — the result of early implementation of a provision in the SAVE income-driven repayment plan that shortens the timeline for borrowers to see relief.

Specifically, borrowers who originally took out $12,000 in loans or less and have made as few as 10 years of qualifying payments are becoming eligible to have their remaining balances wiped out.

Beginning on Wednesday, borrowers in the first batch of relief will receive emails from Biden stating: “Congratulations—all or a portion of your federal student loans will be forgiven because you qualify for early loan forgiveness under my Administration’s SAVE Plan.”

“I hope this relief gives you a little more breathing room,” the email, a draft of which was reviewed by Business Insider, said. “I’ve heard from countless people who have told me that relieving the burden of their student loan debt will allow them to support themselves and their families, buy their first home, start a small business, and move forward with life plans they’ve put on hold.”

A White House fact sheet stated that the shortened timeline to forgiveness will especially help “borrowers with smaller loans and put many on track to being free of student debt faster than ever before.” Additionally, per the fact sheet, 7.5 million borrowers are enrolled in the SAVE plan, and 4.3 million of them have a $0 monthly payment.

Here’s what will happen next for borrowers who are, or hope to be, eligible for SAVE plan relief.

Next steps for SAVE plan debt relief

Biden’s email noted that the Education Department has already informed impacted borrowers’ loan servicers that they are eligible for relief. The relief will happen automatically, and borrowers who are notified will not need to take any action.

Servicers will notify borrowers that their forgiveness has been applied, but “it may take some time for your account with your servicer to reflect this change,” per the email. It recommends borrowers wait at least 21 days after being notified of the relief to contact their servicers if they still do not see the relief applied to their accounts.

The Education Department also said that beginning next week, it will start emailing borrowers not currently on the SAVE plan that they could become eligible for relief if they enroll. Borrowers already enrolled in SAVE but not included in the first batch of debt relief will have their loans automatically discharged once they meet the criteria, and the department will continue evaluating borrowers’ accounts “on a regular basis,” per its press release.

Biden’s email also cautioned borrowers to watch out for scams and said that any notification regarding debt relief would come from,, or

More upcoming student-debt relief

While the relief announced on Wednesday was a result of early implementation, other provisions of the SAVE plan will be going into effect in July. Those include cutting payments for undergraduate loans in half and allowing periods in deferment of forbearance to count toward forgiveness progress.

Beyond the SAVE plan, the Education Department is also planning to complete its one-time account adjustments for borrowers on income-driven repayment plans and Public Service Loan Forgiveness by July 1. The adjustments have so far given thousands of borrowers relief, but the department recommends borrowers who are not in the federal direct loan program or have federally-held loans in the Federal Family Education Loan program consolidate their loans by the end of April to benefit from the adjustment.

More broadly, on February 22 and 23, the department is holding its final negotiation session with stakeholders to help craft its second attempt at student-debt relief after the Supreme Court struck down the first plan. Once negotiations conclude, the department will prepare proposed text on the borrowers it’s seeking to include in this new relief plan.