On Wednesday, President Biden announced that he will cancel $10,000 in federal student loan debt for people earning $125,000 or less per year, and will cancel an extra $10,000 for Pell Grant recipients, extend the pause on student loan payments until Dec. 31, and make reforms that would allow the student loan system to be more manageable for borrowers.

This was a long-awaited announcement for the more than 45 million people who have federal student loans, and the White House estimates that this relief will allow for roughly 20 million borrowers to have their student debt fully canceled.In the coming months, the Department of Education said it will release a form to apply for this relief before the end of the year, but also noted that roughly eight million people will receive automatic relief.

We talk with John King, EdTrust President and former U.S. Secretary of Education, about the announcement and what more needs to be done.

And we also hear from Michael Arceneaux, author of “I Don’t Want To Die Poor,” who talks about his private student loan debt.