Borrowers of student loans claim the new income-driven repayment scheme might change their lives.

ustin Short referred to the day the Biden administration revealed its eagerly awaited student loan forgiveness program as a "celebratory day."

Short, 34, earned a degree in hospitality management from the University of Missouri in 2012,

as well as $47,000 in federal student loans and $5,800 in private student loans.

His undergraduate debt has affected his personal and financial decisions for years,

like it does for many other debtors.

If a borrower made a required payment, 

it would cover any accrued interest and prevent their balance from increasing.

Additionally, for those whose initial loan sums were $12,000 or less

it would forgive loan balances after 10 years of payments rather than the customary 20.