Federal student loan borrowers are cautiously optimistic about the changes that are on the horizon for the federal student loan forgiveness program.

"I don't feel like there's enough guidance on how to be forgiven," says Dr. Andrea Thomas. “So there's a part of me that lack faith in the actual process of it being forgiven."

The program was first introduced in 2007. The head of the Department of Education says changes to the program will include a review of applications that were denied and the entire process. 

A time-limited waiver to allow past payments to count toward their loan will be offered to borrowers.

For military service members, active duty will also count toward the program.

Investment professional Mitchell Goldberg says with 1 out of 8 Americans carrying student debt, he feels overhauling the program is welcome news.

"It's going to help almost immediately, 550,000 people -- as long as they are aware that this program exists and that's the key,” says Goldberg.

The goal of the program is to forgive some federal student loan debt for qualifying public-sector workers after they've made 10 years of monthly payments.

Sen. Chuck Schumer (D-NY) wants the Biden administration to cancel up to $50,000 of student debt for every borrower.

Goldberg is warning borrowers because of the political infighting over the infrastructure bill and social spending packages, to not count on that $50,000 forgiveness. There may not be a focus on student loan forgiveness.

"People should start preparing to make their loan payments in January. Do not wait,” he says.