SPRINGFIELD, Mass. (WWLP) – A long-awaited decision made Wednesday, President Joe Biden announcing student loan forgiveness for millions of Americans. 22News spoke with a financial advisor, who has advice for people wondering what to do next.

Relief will be coming to low and middle income Americans now that some federal student loan debt is set to be canceled.

“To finally think about buying a home, or starting a family, or starting a business,” said President Biden.

People locally, like John Gowan of Springfield, are feeling hopeful about their future, “I’m actually saving for a house as we speak so it would definitely help me out a lot.”

“I believe education has become far too expensive right now so debt cancelation is a good start,” said Alex Torres of Springfield.

Borrowers who earn less than $125,000 a year, or $250,000 for couples who file taxes jointly, are eligible for $10,000 to be deducted from the outstanding loan debt. Pell Grant recipients are eligible for up to $20,000.

Richard O’Connor, Drector of Financial Aid at AIC told 22News, “Pay attention for the next couple of months to emails from the Department of Education.”

O’Connor says that anyone who has been out of school for more than a couple of years will have to fill out a form to verify their income to qualify for the relief. He also said to make sure to stay up to date on your loan information as well as your contact information on Studentaid.gov. For most of the day Wednesday, the site was slow due to the tremendous amount of traffic on the site.

“Not hearing from them is not a good thing. Make sure you have all that contact info updated is important,” said O’Connor.

The payment pause on student loans will also be extended for the final time through December 31st. If you have undergraduate loans, you can cap repayment at 5% of your monthly income.

Governor Charlie Baker expressed reservations on this announcement, saying it isn’t the right move and describes it as, “random forgiveness of some amount to some group of students.”