For tax associate Kai Brito, the $20,000 in forgiveness would completely wipe out the debt he owes for the bachelor’s degree he earned at UW-Madison in 2017. Even with a Pell Grant and other scholarships, Brito took out about $22,000 in loans to pay for college. After paying some of the outstanding balance during the student loan moratorium, Brito has $13,000 remaining in debt.