Tomas Balk and Kalani Mansin

DAKOTA STATE UNIVERSITY students (left) Tomas Balk and Kalani Mansin are among the students most excited for President Biden's new student loan forgiveness plan.

Following an executive order on Wednesday, President Joe Biden announced that up to $20,000 in federal student loans would be forgiven for millions of people.

To qualify as a single individual for the $10,000 cancellation plan, an annual income of under $125,000 must be reported. Married couples who file their taxes jointly must report under $250,000. If an individual has received a Pell Grant and meets these requirements, they could be eligible for an extra $10,000.