New study details who would benefit most from different forms of student loan relief

Millions of Americans would benefit if federal student loan debt were canceled. But as the Biden administration weighs giving borrowers more relief, a new study finds the percentage of people who would benefit from loan cancellation greatly depends on several factors, including how much is forgiven. 

This comes as the Biden administration earlier this month extended the pause on federal student loan payments through August 31. The White House has said a decision on canceling debt would be made between now and the end of August.

"In terms of the loan forgiveness, there is no simple solution here, but we do know that our borrowers do need relief," Education Secretary Miguel Cardona told CBS News in an interview Thursday. He said the current pause is providing that relief.