Student loan forgiveness. What is it? How does it work? And what does it mean for you?

It's Brian Preston, the money guy, restoring order to your financial chaos, retirement, investing,

taxes. You've got financial questions. He's got financial answers. It's Brian Preston, the money guy.

Yes, we are very excited about the show. I know you're excited about this show. There are a lot

of opinions out there about this topic. We want to get that out there right now and we understand

that no matter where you fall, today we want to talk about what is in this bill? What is in this

plan? Let's get that understanding on the table first. Also, what does this mean for your financial

plan? We're all about helping you break down these complex issues and see how it applies to your

life. That's what we're going to do today. Bo, you're a financial expert. What's going on with this

plan? I am excited. I am indeed excited to talk about this. If you've been living under rock,

what has happened is the White House has now come out with this plan to offer student loan

forgiveness to folks who have some student loan debt out there. You already mentioned this.

We're not going to speak to the viability of the plan or was it a good plan or should they have

done it or any of that kind of thing because what we care about is how it impacts you. How you ought

to think about it or how it can impact the way that you go about pursuing and achieving

financial independence. The first thing we probably ought to break down as we think through this is,

what do you need to know? What are the details? What are the important pieces that you ought to

know about this? Here's the first one. How much is it? If you've not been paying attention,

what they are recommending is that for some student loan borrowers, they're going to wipe away $10,000

of student loan debt. If you're someone while you are enrolled in school and you received a

Pell grant, which is generally given out to folks who have lower incomes, lower socioeconomic status,

you could actually qualify for up to $20,000 of loan forgiveness. I say up to because this is not

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