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What would Biden’s $10,000 student loan forgiveness mean for you?

Let us know how the forgiveness would help or hurt.

FILE - New graduates walk into the High Point Solutions Stadium before the start of the Rutgers University graduation ceremony in Piscataway Township, N.J., on May 13, 2018. President Joe Biden is expected to announce Wednesday that many Americans can have up to $10,000 in federal student loan debt forgiven.
FILE - New graduates walk into the High Point Solutions Stadium before the start of the Rutgers University graduation ceremony in Piscataway Township, N.J., on May 13, 2018. President Joe Biden is expected to announce Wednesday that many Americans can have up to $10,000 in federal student loan debt forgiven.Read moreSeth Wenig / AP

President Biden announced student loan debt relief on Wednesday, a widely-anticipated move that could affect about 45 million borrowers nationwide.

The president’s executive order would cancel $10,000 in federal student loan debt for borrowers making under $125,000 a year or families making less than $250,000 a year. Borrowers who received federal Pell grants could be eligible for total forgiveness of up to $20,000.

» READ MORE: Biden student loan forgiveness: Who’s eligible, what’s the income limit, and how will it work?

The president will hold a press conference Wednesday to provide details. Meanwhile, The Inquirer wants to know how this news will impact Philadelphia-area residents who have student loan debt.

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