LANSING, MICH (WLNS) – Imagine getting your student loans wiped away. That’s what’s happening for 40-thousand students. The announcement was recently made by the U.S. Department of Education.

But what about the millions of others in debt?

Another 3.6 million will get federal assistance. Students at Michigan State University are encouraged by the news.

Jonathan Suan, an MSU student, laughed, “I think they gotta forgive them all to be honest.”

The debt cancellation recently announced by president Biden is for people who work as public servants. This loan forgiveness program only covers about 40,000 people. But for MSU students, it’s a great start.

Taryn Morikawa, another MSU student, said, “So I think it’s actually really great that he’s doing that because it’ll give people more opportunities to kind of just get further in this society where it is kind of based on your economic status and where you’re from.”

Others students say paying for college should not be something that ruins your future.

Consultant with MSU Health4U program, Tj Hall, said, “Loans have historically been problematic in some ways, especially for students young and vulnerable and maybe not in the best position to make sound long term financial decisions best they’re 18 years old.”

Even though the Biden administration is putting efforts in place to help, students believe there’s no way around taking on debt.

Another MSU student, Sia Rajgarhia, said “Today you can’t really do much without a higher education, so they have to make these exurbanite fines to make a decent living. It’s really good that people are able to get out of these student loans just so they can continue to live their life without having them over their heads.”

But all in all, students say this is a step in the right direction.

Suan continued. “That’s a great start though. I just hope to continue to forgive a little bit more.”

Now, those working as public servants are eligible for the program once they’ve made 10 years of qualifying payments.

Those with older loans will also receive forgiveness, based on income-driven repayment plans. Students hope the cancellation effort for student loans will eventually cover everyone.