Over 40 million Americans in the United States are burdened with paying off student loan debt, according to The Sun.

The struggle to pay off that debt just became easier and may serve as a warning to future college students.

“President Biden has signed off on loan forgiveness for everybody [earning] under $125,000 if they’re an individual, $250,000 if they’re married,” said Sasha Maryland, an IHS counselor and former Financial Aid Officer (FAO) at the University of Texas at San Antonio (UTSA).

Biden announced on Tuesday that borrowers will have until the end of next year to apply for debt cancellation on studentaid.gov.

This affects Americans with student loan debt no matter how much they have. Once this plan is in effect, that debt will be completely gone for roughly 15 million people with student debt and significantly reduced for the rest.

“Aside from the political results, those students who are burdened by debt… can now get their own house, pay for basic necessities like groceries, and can pay for a wedding or for kids, and invest in their future instead of still having to struggle to pay for their past.”

Besides the $10,000 for all Americans with student loan debt who qualify, an additional $10,000 will be canceled for those who received a pell grant through the Free Application for Financial Student Aid (FAFSA) while applying to college.

Maryland said students should take changes in plans into account when making financial decisions and applying for college.

“My initial plan was to become a lawyer,” said Maryland. “That didn’t end up being my path, so this gives me the ability to account for changes in my life. Now I have $20,000 off my debt and a whole lot of pressure off my shoulders.”

Biden stated that he believes this will be a one-time measure and that the same luxury will most likely not be afforded to future college students. He also said that canceling a higher amount of debt was never in consideration.

“We don’t know how long this is going to be in effect, so the next graduating class may not be eligible.” said Maryland, “It all depends on politics, which we can’t predict for certain.” 

The uncertainty of whether or not student loan debt will continue to be forgiven may make it especially important for college students to plan their future and make strong financial decisions.

“I always encourage students, and young people with their whole lives ahead of them, to be vigilant when making their financial and personal decisions,” said Maryland. “That way, they can learn from the mistakes of previous generations and not have to carry that same burden.”