RALEIGH, N.C. (WNCN) – Sources have reported to The Hill that President Joe Biden is expected to make a decision on student loan forgiveness within the next two months. Multiple sources have reported to the outlet that the President is considering erasing at least $10,000 per borrower.

According to the Federal Reserve Bank of New York, forgiving $10,000 per borrower would eliminate a total of $321 billion in federal student loans. It would completely alleviate debt for almost 12 million, representing almost a third of borrowers.

How much money could people in North Carolina be relieved from if Biden forgives $10,000 in debt?

A study from Lending Tree shows this could completely eliminate student loan debt for about 30 percent, or 363,504 North Carolina borrowers.

Lending Tree estimates in all, North Carolinians owe about $48 billion in student loans. Its data showed this would place North Carolina in seventh place for most money owed. On average, they estimate each of the state’s 1.3 million borrowers owe $36,293.

People in Washington D.C. were found to owe the most with an average of more than $52,000 in debt. That was followed up by Maryland where people owed about $39,500.

While borrowers wait on a decision, the Biden administration has made some steps to forgive student loans for specific borrowers.

A revamp of the Public Service Loan Forgiveness program has relieved $8.1 billion in debt. The program forgives student loans for employees of nonprofit and government agencies after ten years of payments.

Another $5.8 billion in loans will be cleared for students who attended Corinthian Colleges. The now defunct for-profit chain school was at the center of a fraud scandal.

For the remainder of borrowers, a pause on student loan repayment put in place by then-President Donald Trump is still in place.