We had big news this week when it comes to student loans, and you probably have a lot of questions.

News 12's Kristie Reeter breaks it all down on The Real Deal.

Nichole Davis, the deputy commissioner for the Office of Financial Empowerment in New York City, has been pouring over the update from the White House on student loans.

To know what the impact of this move will be, News 12's partners at Investopedia pulled the numbers:

"Average student loan debt in the state of New York, per borrower, actually fell about 0.3% in the past year. Still, the average borrower has about $37,678 in debt," says Caleb Silver.

For those making under $125,000, or for a household with a cap of $250,0000, $10,000 will be wiped out. If you received a Pell grant, you can get up to $20,000 in debt cancellation.

Below are two places where New Yorkers and New York City residents and workers can find assistance:

"You don't often realize that you have options. That there are income-driven repayment plans, there are loan forgiveness options, there are more than a dozen loan forgiveness options for New Yorkers, not just from the federal government, but from New York State," says Davis.