President Biden last week said that the federal government would be forgiving some government-backed student loan debt. In order to take advantage of the $10,000 debt forgiveness, your yearly income needs to be less than $125,000.

If you file taxes with a spouse, then your collective income must be less than $250,000. Those who received a Pell grant are entitled to a cancellation of up to $20,000 and must meet the same requirements. In addition to the debt cancellation, the Biden administration announced that the payment pause on all student federal loans will be extended until Jan. 1, 2023.

If you're one of those former students who meets the requirements, you might be wondering what you should do with your extra savings. Should you invest in real estate, possibly buy more of your favorite stocks, or perhaps even buy some cryptocurrencies?

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Source Fool.com