Billions of dollars in student debt, gone. That big news for borrowers is creating a frenzy for more information. 

Wednesday, the White House said it will forgive $10,000 in federal student loan debt for most borrowers, and up to $20,000 if they received Pell Grants. After the announcement, the government's student loan site crashed from all the traffic and it's still tough to get on it tonight.

A lot of borrowers are trying to figure out if they qualify. Here are the basic qualifications:

• If you make less than $125,000 and have federal student debt you qualify. It's $250,000 or less for married couples and heads of households.

• This debt cancellation only applies to federal loans.

• Federal student loan payments have an extended pause until the end of the year. 

• Students who are dependents will use their parents income for eligibility.

• Loan forgiveness won't be treated as taxable income. 

• Up to eight million people may automatically get it because the government has your income data. If not, there will be a simple application that may not be ready until the end of the year.

• The loan forgiveness caps at your outstanding debt amount. So if you're eligible for $10,000 in relief but only owe $8,000, you'd receive enough aid to cancel the debt – but not the extra $2,000 on top of it.

• If you still have questions, it's a good idea to reach out to your loan servicer directly.