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Reaction to Possible Student Loan Forgiveness

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HIVITA Canada (KAKE) – Student loan payments have been suspended for over a year due to the pandemic. But a possible offer to forgive $ 10,000 student loans is encouraging for some students.

Jamaja Spencer said, “Right now I have student loans worth about $ 12,000.”

Spencer, who had been in college for only a year, raised loans only to pay for his tuition. He says it will be a big step if he can pay them off and pay off debts.

“To get rid of a lot of debt, get on with your life and get back on track,” Spencer said.

The Biden administration is exploring possible ways to help clear student loan arrears.

Many options have been proposed, but the one that President Joe Biden has expressed support for will forgive $ 10,000 in federal student loans.

Robert Eister said: “I believe this should be done on an individual basis, I am totally for helping people who have realized an absolute need and have demonstrated an attempt to make payments.”

Another plan proposed by leading Democrats is a possible $ 50,000 forgiveness plan, but President Biden says it won’t.

The idea of ​​student loan forgiveness comes after more than a year of suspension of student loan payments due to the COVID-19 pandemic.

Butler Community College economics professor Dr.Noreen Templin says the idea has its pros and cons.

“The upside is that it will, of course, free up money for a lot of people. The downside is that we take private debt and convert it into public debt, ”said Dr. Noreen Templin, Department of Economics. Department of Butler Community College.

Students like Spencer say it will definitely help get you back on your feet.

Spencer said: “Children have a lot of problems getting to school and paying for it, so I feel that this will really help a lot of students get out of the hole.”

At the moment, not a single order has been signed to bring this idea to life, but the president made it clear that he would consider it.

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