Students around the Triangle celebrated at the news of President Joe Biden's proposal to forgive a large chunk of student loans.

WRAL News visited the campus of North Carolina Central University just after news broke to capture reactions from the students – 85% of which are using some form of financial aid.

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Biden's plan cancels up to $10,000 of student loan debt for those earning less than $125,000 each year. For recipients of a Pell grant, a federal grant for low-income students, can get up to $20,000 forgiven.

A huge chunk of debt – erased with the snap of a finger. The reactions varied from stunned to relief.

"I just found out about it, eating lunch," said Ty Faulker, a junior who has about $15,000 in debt.

He says Biden's announcement will help not only him, but others in his family still dealing with student debt, years later.

"My mom still owes, to this day," he says.

NCCU Junior Aaliyah Williams, a first generation college student who plans to be a teacher, says the loan forgiveness is a good start for her future.

"By the time I get out, I can handle the rest on my own. If I can at least get $10,000, that’s a good boost to me," she says.

Another student, Camille Fontaine, says it's a big relief.

"It's a really big deal for me. Because I come from a family of four girls and a brother, and three of my sisters are in school already -- so that's a lot," she says.

How many North Carolinians struggle with student loan debt?

  • Numbers from the Department of Education show there are more than one million people with student loan debt statewide
    • The average student loan debt is $37,721
      • Over half those who owe student loans are under age 35

        Biden says he hopes the loan forgiveness will open new opportunities for those buried in debt – giving people the freedom to buy a home or start a business, which, in turn, he hopes will boost the economy.

        "Hopefully this will help them with their credit scores and give them the buying power to purchase homes and cars and those assets that they deserve," says Sharon Oliver, the NCCU director of financial aid,

        She says the debt forgiveness will also reduce the burden on parents trying to help pay for their students' education. She hopes it may encourage students who didn't finish school to come back and complete their degrees.

        Not everyone agrees with Biden's plan

        US Senator Thom Tillis spoke ot against the plan on Twitter, saying, "This is a slap in the face to middle and working-class Americans already struggling with high inflation who will now have to pay off the debt of higher earners."

        Biden was not clear on how the plan would be paid for during his afternoon news conference. However, he said anyone who opposes this plan is "simply wrong."

        Another piece of Biden's plan is pausing all payment on student loans for four more months – until the end of the year.

        For students at NCCU and around the Triangle, however, the proposal is generating excitement and hope.

        "It will positively impact our students. We are very excited about this change," says Oliver.