Here's who is eligible for Biden's student loan forgiveness program

President Biden on Wednesday announced a plan to erase thousands of dollars in student loans for borrowers, aiming to help more than 40 million Americans who owe a combined $1.7 trillion in debt. 

Student debt has soared in recent decades as rising higher education costs have far outpaced inflation. And loan programs haven't kept up, with the Biden administration noting that Pell Grants once covered almost 80% of the cost of a public four-year college, but today only provides enough support to pay for one-third.