Do you earn too much to be exempt from student loan repayment? Here's how to determine if you're eligible.

The student loan forgiveness program proposed by President Joe Biden is only available to those income less than $125,000 annually, 

or $250,000 for married couples filing jointly, or the head of household.

The restrictions are determined by your adjusted gross income, which may differ from your gross wage.

How to determine your AGI for student loan forgiveness is shown below.

President Joe Biden's idea to cancel student loans may be a pleasant relief if you're one of the millions of Americans with debt.

But, according to experts, there are some important points to understand about the income restrictions.

For the majority of borrowers, Biden will cancel $10,000, and for Pell Grant recipients, up to $20,000,

only applies to anyone income under $125,000 annually, or $250,000 for married couples filing jointly, or to the head of household.

And clients have already flooded financial advisors with inquiries about a variety of topics, including whether their income could be too high to be eligible for the debt relief.