SIOUX CITY, Iowa (KCAU) — President Biden announced a student loan forgiveness plan. His plan calls for borrowers who make less than $125,000 a year to qualify for $10,000 in loan forgiveness.

College students in Siouxland said the latest student loan announcement will have a big impact on current students as well as recent graduates.

Daniel Martinez is a compuer science student at Morningside University. He said the thought of student loans is stressful when he’s trying to focus on classwork. Now his mind can be more at ease.

“I think it will help a lot and same with my family because they wanted to help me out with student loans, but it will be nice to at least have some support,” said Martinez.

Jayden Steffen is a senior biopsychology and criminal justice major at Morningside University. She plans to go to graduate school, but she said the student loan relief can help students no matter where they are in their educational journey.

“I have to go do a graduate program so it would be nice to know at least I have $10,000 paid off right away, knowing that I’m going to go further in debt doing more schooling, but some other people, they’re going to go straight into the workforce and having $10,000 right off means that they can save a little bit and maybe get a house or an apartment,” said Steffen.

Students who attended college with a Pell Grant will see $20,000 in student loan forgiveness. Roughly 40 million Americans combined have a student loan debt of more than $1.5 trillion.