Another student debt relief plan is being implemented by President Biden, and the deadline to opt out is August 30.

Millions of student borrowers may have their debt forgiven by President Joe Biden as he makes another move in this direction.

On Thursday, the Biden-Harris administration will send out details about its proposed rules for Secretary of Education to forgive debt for specific federal student loan borrowers via email.

The administration stated that the email regarding the forthcoming relief will not specify which borrowers are eligible, and receiving an email does not guarantee forgiveness. Borrowers have until August 30 to opt out of any relief they may otherwise receive by contacting their loan servicer.

Secretary of Education Miguel Cardona stated that the Biden-Harris Administration is committed to providing student debt relief to as many borrowers as possible as quickly as possible, and with the conclusion of the rulemaking process, they are one step closer to fulfilling that promise.

The proposed rules were released in April and underwent a public comment period as part of the negotiated rulemaking process, which Cardona mentioned. This plan has been in development since the Supreme Court struck down Biden's initial plan to forgive up to $20,000 of debt per borrower in June 2023.

If the rules are finalized as drafted, eligible borrowers won't need to take any action to receive debt relief. However, those who choose to opt out won't be able to opt back in.

Biden stated that by giving borrowers more information on how to utilize our upcoming debt relief programs, they will be better equipped to take advantage of the benefits as soon as the guidelines are finalized.

4 groups of borrowers to see debt forgiveness

The Biden administration's plan prioritizes borrowers who have been in repayment for many years, those who have been heavily impacted by "runaway interest," and borrowers who were left with debt from underperforming institutions, as previously reported.

This fall, the four groups of borrowers will be eligible for partial or total loan forgiveness if the rules are finalized.

1. Borrowers who owe more than they initially borrowed
2. Individuals who have been repaying undergraduate loans for more than 20 years or graduate loans for more than 25 years.
3. Those who are eligible for other forgiveness programs, such as income-driven repayment or closed school discharge, but have not yet applied.
4. Borrowers who enrolled in low-financial value programs

The administration anticipates that granting forgiveness to these groups will increase the number of borrowers eligible for student debt relief to 30 million.

Nearly 5 million borrowers have received $168 billion in debt relief through various programs, including income-driven repayment, Public Service Loan Forgiveness, disability discharge, and fraudulent institutions.

Another group of borrowers facing financial difficulties will receive a separate proposal for debt relief in the near future, the administration announced. The proposed rule, which must undergo a public comment period, aims to automatically forgive debt for borrowers at high risk of default or those with other challenges, such as high medical costs.

To stop worrying about money, enroll in CNBC's online course, Financial Wellness: Be Happier, Wealthier & More Financially Secure. We'll teach you the psychology of money, stress management, and healthy financial habits. Plus, use code EARLYBIRD for a 30% discount through September 2, 2024. Start today!

Sign up for CNBC Make It's newsletter to receive expert advice on work, money, and life.