Millions of borrowers could miss federal forgiveness.

By The Exchange Team

The White House has stated its student loan forgiveness application will be simple when it launches in days.

Nonetheless, consumer groups argue that any red tape around the relief will force millions of borrowers to miss out.

Thomas Gokey, co-founder of the Debt Collective, a debtors' group, warned the policy would become increasingly regressive.

“There will be a higher percentage of people making $124,000 a year who apply than people making $30,000.”

Most people with federal student debt are eligible for forgiveness: up to $10,000 if they didn't obtain a Pell Grant and up to $20,000 if they did.

According to the U.S. Department of Education, approximately 20% of eligible borrowers may not apply for relief.

According to higher-education specialist Mark Kantrowitz, this amounts to more over 7 million people.