CHICOPEE, Mass. (WWLP) – For those suffering under the burden of student loans there may be hope on the horizon.

President Biden said Monday that a plan to combat this national crisis is underway. Student loan debt has taken over millions of lives in the United States. More than 43 million face federal loans. When asked if a decision was close to enacting wide-scale student loan forgiveness, President Biden said ‘yes.’

“Mine are pretty much paid off at this point but I’d like to see widespread relief for people. I think it’s been an unfair game since the beginning and they really need to do something to rectify that.” Joseph Bonafilia, Amherst

President Biden has confirmed he will not consider the $50,000 debt reduction suggested by some democrats. A more likely alternative would be canceling $10,000 per borrower. However, nothing has been finalized.

“There are definitely some folks I know that have put a lot of things back just to pay those bills every month.” Joseph Bonafilia, Amherst

22News spoke with people visiting from outside the U.S. who say the country’s student loan situation is a shock.

“I’m aware that college students spend their entire adulthood paying their student loans. And frankly, I do not see this as something normal, knowing how wealthy the United States of America is.” Zeenat Fugurally – Mauritius

According to a Federal Reserve analysis, if the $10,000 plan was approved, roughly 31 percent of borrowers with have their entire balance eliminated. This would total an estimated $321 billion in federal student loan forgiveness. Federal Student loan payments are scheduled to resume on August 31st.