The Department of Education estimates that 27 million people will qualify to receive student loan debt relief.
$20,000 to Pell grant recipients and $10,000 to other borrowers, capped for borrowers who earn less than $125,000."It's our understanding that you can't apply for this yet," Financial Advisor Jon Lawton said."There's a website coming. One thing I would say is just because you're getting a little bit of debt forgiveness and not having to make repayments today.. this isn't a reason to rack up more debt.
He also warns it could lead to other long-term repercussions. For one, encouraging universities to continue to increase tuition.
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