Millions of student-loan borrowers should be on the lookout for an email update on Biden's broader debt cancellation plan. They might need to take action.

The department will email borrowers about the relief plan and an August 30 opt-out deadline. Final relief expected by October, updates to eligible borrowers then.

Borrowers notified can opt-out by August 30 if they choose, with reasons like tax concerns. Once opted out, borrowers cannot opt back in later.

Read at Business Insider