(WXYZ) — A 20-year year burden was lifted in less than a minute.
"30 seconds and it was done," Judie Laverdiere said.
Laverdiere is one of the 8 million Americans already taking advantage of the federal student loan forgiveness program.
She says this program is saving her family about $450 a month between the two.
"I was prepared to have my W2s and my IRS stuff handy," 25-year-old Arber Velencia said.
Velencia recently graduated with an economics degree from Wayne State University but he wasted no time before heading to studentaid.gov.
"Yeah so for my situation, it would forgive all of my debt, which, when i say it now, when I say that, it's pretty huge," he said.
But that joy is not evenly spread with many people pointing out that taxpayers will be footing the bill.
"It's very unfair, you know, to have a truck driver have to pay back a loan for somebody who got like a PHD in gender studies," Florida Governor Ron Desantis said.
Anyone with federal student loans who made less than $125,000 in 2021 can get $10,000 in debt cleared. That amount doubles if you have Pell Grants.
Some people speculate that this new flow of money will cause inflation, but not everyone agrees.
"There have been a lot of studies around this, and they have shown it wouldn't have an impact on inflation," Senator Elizabeth Warren said.
A nonpartisan committee estimates the program could boost inflation between a sixth and a quarter point over the next year which could result in higher prices and interest rates.
