WILKES-BARRE, LUZERNE COUNTY (WBRE/WYOU) — It’s an announcement many student loan borrowers across the country and at home have been waiting for. On Wednesday, President Biden said he will forgive thousands of dollars in federal student loans for millions of borrowers.

President Biden is fulfilling a campaign promise to address the burden of student debt that roughly 45 million Americans are dealing with.

“My campaign for president, I made a commitment that would provide student debt relief and I’m honoring that commitment today,” President Joe Biden stated.

President Biden outlined his plan Wednesday to provide thousands of dollars in student debt cancellation for millions of Americans.

“We will forgive $10,000 in outstanding federal student loans. In addition, students who come from low-income families which allowed them to qualify to receive a pell grant will have their debt reduced $20,000,” said President Joe Biden.

Borrowers who earn less than $125,000 a year or $250,000 for couples who file taxes jointly will be eligible for this debt forgiveness. President Biden also announced he’s extending the payment pause on federal student loans through December 31.

“It’s about opportunity; it’s about giving people a fair shot,” said President Biden.

The loan forgiveness applies to undergraduate, graduate, and parent plus loans. Current students can qualify too, but those who are claimed as dependents will be eligible based on their parent’s income.

“I’m an early education major,” said Emily Kopinetz, King’s College Sophomore.

Eyewitness News spoke with King’s College Sophomore Emily Kopinetz and other students to hear what they think about it.

“My student debt is already still pretty high, even with all of the grants and stuff that I’ve applied for and gotten. So, it will actually really help me a lot. I’ll take advantage of it if I can,” said Kopinetz.

“I feel like it’s very important, due to that if you don’t have enough funds for it, you might not always be able to go to college and be who you want to be,” said Tierra Murphy, King’s College Freshman.

Junior Anarose Davidson and many others have mixed emotions.

“I’m always cautious of things that sound wonderful because there’s always a price tag attached, and it’s never gonna be the big people who pay it, it’s gonna be the small people who do,” Davidson added.

Not everyone is sold on the plan. Some republican lawmakers call it ‘Student Loan Socialism,’ saying Americans will now be on the hook for hundreds of billions of dollars of other people’s loans.

Eyewitness News is expected to learn more about the application process in the coming weeks.