Here’s how a $10K student loan forgiveness plan would affect millions

President Biden is expected to cancel up to $10,000 in student loan debt per federal borrower earning less than $125,000 annually on Wednesday, holding true to a campaign promise and relieving millions of their student debt burdens.

If the president’s plan moves forward, he could potentially eliminate loan balances for around 15 million people, which accounts for about one-third of all U.S. student loan borrowers. These Americans will see their monthly payments go away and the U.S. will simultaneously lower its $1.7 trillion outstanding student loan balance.

The decision will still leave 30 million borrowers on the hook for the remainder of their balances, some potentially seeing little movement in their monthly payments when the moratorium reaches its expected end.