The economics of student-loan forgiveness The day millions of student-loan borrowers have been waiting

to $20,000 of their student debt, Insider senior reporter Ayelet Sheffey writes.

But as always, the devil is in the details, and not everyone will qualify: – Pell Grant recipients making under $125,000

a year will be eligible for up to $20,000 in debt relief.

All other federal borrowers making under $125,000

a year can get up to $10,000 in loan forgiveness.

The announcement was coupled with Biden's fifth extension of the student-loan-payment pause 

through December 31, and if you still have a remaining student-debt balance

after getting up to $20,000 knocked off,

Details on how to access this relief are minimal at this point, and the economic impact of this relief remains to be seen.