PEORIA, Ill. (WMBD) — The federal government is forgiving billions of dollars in student loans.

The president’s plan will forgive $10,000 worth of federal debt for individuals making less than $125,000 a year or couples earning less than $250,000.

People who received pell grants as low-income students could see their debt cut by $20,000.

President of Total Income Tax, LLC in Peoria, William Sharpe, said Thursday, “I think this is going to be huge, of course, all politics aside, for your personal pocketbook because it’s still tough for a lot of families and a lot of individuals and this is one of the bigger debts that people stress about.”

To learn more about if federal student loan forgiveness will have to be claimed this upcoming tax season, watch the interview above.