Brian’s got this right, but it’s not the entire story:

$3.4 million to 450 people is $7,556 each.  That’s not life-changing money; it’s purely a political handout at others’ expense.  Wait until the kids discover how limited this handout is, by the way.  Most of them are actually struggling with their private loans, which tend to be much larger and that are carrying interest increases under Biden that more than wipe away the benefit of the subsidized-loan buy off.