Whether you have a college degree or are pursuing one, chances are high your diploma carries thousands, tens of thousands, or even hundreds of thousands of dollars in debt. Though President Joe Biden has announced plans to cancel $10,000 in debt for those earning less than $125,000 a year (or families earning less than $250,000) and an additional $10,000 in debt forgiveness for Pell Grant recipients, chances are good you owe more. A lot more. Student loan debt is painfully common in the U.S. — but so is ignorance about how to make the best of it. Further confusing matters, the Department of Education has changed who qualifies for debt relief. Luckily, the pause on federal student loan repayment has been extended to Dec. 31.