FRESNO, Calif. (KSEE/KGPE) – President Joe Biden announced Wednesday a plan to erase thousands of dollars in student loans for borrowers.
The plan will help more than 40 million Americans nationwide with $1.7 trillion in debt. It could cost taxpayers up to $300 billion.
Students at Fresno State University say while they’re excited about the plan, it’s not a full fix on student debt, it’s just a start.
“I’m glad Biden passed something because everyone else has been ignoring it,” said student Kevin Hill.
“I know for some students it will make a big difference,” added another student.
“It’s really exciting because I’ve been trying to plan for a future but having this debt has just kinda put things aside,” said Audrey Sohikian.
The student loan forgiveness plan cancels up to $20 thousand for those who received Pell Grants.
“I’ve been paying student loans off for a decade now,” added Sohikian.
Sohikian said she ended up with $25,000 of debt after graduation and this move by the Biden administration will finally pay it off.
“I’ve signed dozens of petitions to try to get this issue to the forefront of Congress, so when I saw that President Biden his administration follow through with his campaign promise, I jumped for joy, literally” she added.
Not everyone is happy about the plan, with some saying $10,000 isn’t enough and there’s a bigger problem that needs to be addressed — the cost of tuition, college, and interest rates.
“We owe thousands and thousands of dollars and were getting into careers that aren’t even able to give us enough money to pay that off. You’re going to get this break and then it’s gonna go back up again and when you can’t pay it guess what they tell you? ‘Tough,'” said Hill.
Fresno State University responded to the announcement of the plan, writing in part:
We recognize how important college education is and we look forward to learning more about the details regarding President Biden’s announcement.Fresno State
Some people can expect to start seeing the money payout as early as December.