(WTNH) – President Joe Biden has announced a plan to cancel a portion of student loan debt for millions of Americans, just as students across the country are arriving on campus at universities.

Biden revealed on Wednesday that he will cancel $10,000 in individual federal student loan debt for anyone who is earning less than $125,000 per year.

Lower-income students who received Pell grants can also get another $10,000 canceled as well, officials said. Pell grants are grants created for those with exceptional financial needs.

More than 40 million people would have their debt reduced, according to federal officials.

Biden campaigned extensively on this idea, and many younger people voted for him because of it. Now, he said that he can fulfill that promise.

“All this means is people can finally start crawling off the mountain of debt to get on top of the rent and utilities, to finally think about buying a home, or starting a family, or starting a business,” Biden said.

News 8 spoke to local experts, students, and parents about Biden’s plan. Much like the rest of the country, the opinions were mixed.

“The idea of it is a great idea, but ultimately, it’s going to be something that the taxpayers are going to have to pay back,” said Mary Beth Derose, a Quinnipiac University student. “It’s going to come back to hit us some way.”

This is a big question a lot of people are asking: Where will this money come from?

Parents and former students who cut back and saved to pay back their student loans are also complaining that this program does nothing to reward their hard work.

Republicans are calling the proposal “student loan socialism.” Democrats, however, said they hope it will help rally younger voters for the midterm elections.

The Department of Education said it plans to have a simple form to apply for debt relief ready in the next few weeks, but did not specify when.