MOBILE, Ala. (WKRG) — President Joe Biden is officially fulfilling a campaign pledge, by forgiving hundreds of millions of dollars in student loan debt.
43 million Americans have student loan debt, averaging $37,000,000. This plan will forgive student debt for those who currently make less than $125,000 per year.
$20,000 of debt will be forgiven for those who went to college on Pell Grants, and $10,000 will be forgiven for those who did not receive the grant.
Some are against the loan forgiveness plan, especially if they have already paid their debt. However, there are many people who support it.
WKRG News 5 spoke with two students who attend the University of South Alabama, who said they are all for any amount of their student loans that can be forgiven.
“I think I’m at like 5,000,” said USA Junior Nyeisha Presley. “I mean, I’m not head over heels like some people are, but it would be a big burden off my shoulders.”
“I think it’s a great thing,” said USA Freshman Chloe Knippers.” Being able to have part of our student loans forgiven is definitely a big thing. I know for me personally, that was one thing I was concerned with going into my higher education was how I was going to be able to afford it.”
In addition to student loan forgiveness, people who have undergraduate loans can now cap their repayment at 5% of their earned income.
The Biden administration has also paused student loan payments for the last time. Payments are expected to resume in 2023.