Student loan forgiveness question

Does the recently announced student loan forgiveness have any effect on people just starting college this fall? Do they get a free $10k right off the bat? Or is the program just for those who had outstanding loans before the date of the announcement?

It applies to loans disbursed by June 30, 2022.

A program that would apply to future loans would be named differently. A loan that doesn’t yet exist cannot be forgiven.