A borrower can qualify for the forgiveness if they're enrolled in the administration’s Saving on a Valuable Education (SAVE) repayment plan and "have been making at least 10 years of payments, and have originally taken out $12,000 or less for college," a White House fact sheet said. It also said that "for every $1,000 borrowed above $12,000, a borrower can receive forgiveness after an additional year of payments."
As an example, the fact sheet said, "a borrower enrolled in SAVE who took out $14,000 or less in federal loans to earn an associate’s degree in biotechnology would receive full debt relief starting this week if they have been in repayment for 12 years."
Better than nothing.
There's 10 of millions of Americans struggling with it, for a total over $1.77 trillion. $1.2 Billion only sounds like a lot till you realize it's not even a rounding error in the total amount.