A number of students and graduates said the White House student loan forgiveness will help them and their family members who are struggling. President Joe Biden announced on Wednesday that he will cancel $10,000 in federal student loans for millions of borrowers, as he follows through on a campaign promise to address the burden of student debt.Borrowers who earn less than $125,000 a year, or $250,000 for couples who file taxes jointly, will be eligible for debt cancellation. Pell Grant recipients, who make up the majority of student loan borrowers, will be eligible for an additional $10,000 in debt relief, for a total of $20,000.“An entire generation is now saddled with unsustainable debt in exchange for an attempt, at least, at a college degree,” Biden said. “The burden is so heavy that even if you graduate, you may not have access to a middle-class life that a college degree once provided.”The White House said Wednesday that nearly every recipient of a Pell Grant comes from a household making less than $60,000 a year and that Pell Grant recipients are more than 60% of the borrower population.“The Department of Education estimates that roughly 27 million borrowers will be eligible to receive up to $20,000 in relief, helping these borrowers meet their economic potential and avoid economic harm from the Covid-19 pandemic,” the White House said.The administration said if all eligible borrowers claim their relief, the move will provide relief for up to 43 million borrowers, including canceling “the full remaining balance for roughly 20 million borrowers.”The President is also extending the pause on federal student loan payments for a final time through Dec. 31. It had previously been scheduled to expire Aug. 31.WXII 12 News talked with students at Winston-Salem State University on Wednesday to understand how this announcement will affect them."That means I can go ahead to the next step of school, and not worry so much about my past experiences in school so I can go to graduate school and not think about so much about undergraduate, the loans, and the money, and everything. So it’s good. Really good," said Jazzelle Delaney, a junior at WSSU.We also stopped by Wake Forest University to talk with students.Hasan Pyarali, a junior, said, "I felt a little bit of relief, and I felt like it was a good step forward. $10,000 is a big deal. It's a lot. It's never been done before this type of universal cancelation, and so it's a really great step. But $10,000 in six-figure debt — some people's interest is more than $10,000, and so when you look at the wide array of things, it's a very very small step. It's a good step, but a very small step."WXII 12 News also talked with graduates who are currently paying off their student loan debt.Karen Sanders, from King, said she attended graduate school, but had to leave when her daughter died. Seven years later, she said her husband died.She said she is doing the best that she can, with the resources that she has, to raise her son, however, the current economy has made it difficult."This year with the increase in groceries more than anything, and not having any type of snap benefits or assistance or anything like that, it's just been harder and harder, month to month. Anything to reduce that burden is helpful," she said.Kerwin Graham, interim assistant vice chancellor for enrollment management with WSSU, said the university tracks the amount of loans students graduate with. He said students at WSSU graduate with an average of about $25,0000 in student loan debt. He said the student loan forgiveness cuts that amount almost in half.Graham shared that this can greatly help graduates who may be struggling to help their families back home, while trying to pay off their debt."I think this is going to impact a lot of families in a positive way," he said.WXII 12 News asked Graham how the announcement will affect the university. He said not as much as you'd think. He said tuition is not the main source of revenue for state schools as they get most of their funding from the UNC School System.Biden did not release details on Wednesday on who would be responsible to cover the canceled student debt.