WICHITA, Kan. (KSNW) – President Joe Biden announced a student loan forgiveness plan on Wednesday that could help over 40 million Americans reduce or eliminate their debt.

KSN reached out to financial aid advisors at local universities to see what this could mean for current and future college students.

Crystal Roach, the director of financial aid at Friends University, said they will be learning alongside loan borrowers. She said the amount of relief provided will depend on how smoothly the program is implemented, along with if it will inspire future students or people to return back to finish their degrees.

Roach said they will likely have a greater impact on people who have already graduated and entered the working world as opposed to students still working on their undergrad.

“For our current students that are just starting college this year, their loans need to be dispersed before June 30. That’s not a reality for them. Their loans don’t disperse until august or sometimes September,” said Roach.

While there is still a lot to learn, Roach believes that this will open doors for a lot of students.

“Hopefully, this will help students reduce their overall loan debt. And so they can have less payments and maybe ability to take on debt to buy a home or some other life things that they need to accomplish,” said Roach.

Roach is encouraging everyone who has borrowed student loans to keep an eye on studentaid.gov in the upcoming weeks and months.