Students have mixed reactions on Biden’s loan forgiveness

The+financial+aid+office+is+located+in+Old+Main+in+room+103.

Blass Guerrero

The financial aid office is located in Old Main in room 103.

On Aug. 24, President Joe Biden announced loan forgiveness to those who have federal student loans.

Biden’s plan will forgive $10,000 per borrower that makes between $125,000 to $150,000 in annual income or $250,000 for married couples. Students who received the Federal Pell Grant will receive an additional $10,000 forgiveness.

In addition to the student loan relief, Biden also announced that the Department of Education will extend the freeze on the student loan repayment until Dec. 31, for the final time.

Students at West Texas A&M breathe a side of relief upon hearing this announcement, Freshman general studies major Crystal Gonzalez says this will help her with her financial future.

“With everything going up, I was worried about what my financial situation was going to look like,” Gonzalez said. “This will help me pay my loans as quickly as possible.”

Other students like freshman Omar Franco, an education major, are happy about the relief coming but don’t think the government is doing enough to fix this issue.

“I really like this idea but I think they should do more,” Franco said. “The government should just make college free or affordable.”

In 1981, President Ronald Regan passed tax and budget-cutting measures that included cuts to student aid and pell grants. Because of this, students in the middle of college and new college students had to apply for student loans.

The Biden administration’s focus is on the 45 million borrowers who, on average, get $25,000 in debt with the average annual income of $125,000.

Kyle Washburn, a general studies student, doesn’t agree that only a certain number of people get relief.

“I don’t qualify, because I’m still under my parents taxes,” Washburn said. “I think if you are going to do something that’s going to help people, then do it for all.”

Undergraduate borrowers will no longer pay more than 5% of their monthly income, down from 10%. The Biden administration says there will be more details in the incoming weeks with a website students can sign up for the relief at studentaid.gov.

close

Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox, every week.

We don’t spam! Read our privacy policy for more info.