SPRINGFIELD, Mo.– Many sources say President Biden could be forgiving up to $10,000 for federal student loan borrowers who make less than $125,000 annually. 

The potential announcement has Missouri State students talking. 

“Well, it’s exciting to me because I would like education to be more accessible for more people,” Jade Zickefoose said. “Not everybody has the opportunity to go to college or be able to take out loans or pay off their loans and live the rest of their life, struggling to make sure that they can live.” 

“I definitely will incur those in my time here as again, I don’t have the financial support, so that would be really great for me,” Amber Nettles said. 

Experts say over 43 million people have federal student loan debt totaling over $1.7 trillion. 

Nettles said the relief isn’t good for just her, but for those already doing what she wants to do; teaching. 

“Really focusing on being a teacher. Teachers don’t really make that much, and seeing $10,000 just wiped off? It would be really great for a teacher,” Nettles added. 

However, some faculty say while it may be good for some students, they see both sides. 

“In the short run, you have all these people that owe money now they don’t owe that money anymore. The problem is that you actually haven’t created any new wealth or anything,” Dr. David Mitchell said.  

Mitchell is an economics professor at Missouri State and the Director of the Bureau of Economic Research. 

“The long-term problem, though, is that it creates these perverse incentives because now, what people will be doing going forward is they’ll go out and they’ll try to borrow even more,” Mitchell said. 

“The money still has to be repaid. It is a debt. It’s someone’s debt,” Vicki Jacobson, a financial aid coordinator said. “So you, the student loan borrower, may not be responsible for it, but it is still a debt that someone, our country, our nation must repay…” 

Jacobson said this potential relief would only apply to those with federal loans. Students who have private loans would not qualify.