IOWA — Federal student loan relief is inbound, whether people agree or not, and students on different college campuses reacted to the Biden Administration’s announcement.
“It’s like a solid two years of stuff that I don’t have to worry about now,” said Zach Harvey, a junior at Iowa State University said. “It’s pretty sick.”
Harvey said that he is covering the entire cost of his education, with all of his student loans in his name. Now with the new student loan forgiveness President Biden introduced he is feeling less pressure on himself.
“I mean, me personally, I was thinking about grad school. And then when I was looking at my loan stacking i was like ‘oh maybe’,” said Harvey. “Even just this $10,000 I don’t feel that I have to cram 21-20 hours a semester just to graduate anymore.”
President Biden’s plan cancels $10,000 in federal student loans for individuals who earn less than $125,000 a year. Those who went to school under Pell Grants will have $20,000 canceled.
A student at Drake University said that she is happy about the forgiveness as it will help her further her education.
“As someone who currently has like over $30,000 in loans I’m definitely excited about it,” said Katherine Crockett, a junior at Drake University. “I know so many friends who have already graduated that are really struggling with that. And also, you know, I really want to go to law school and so then I’m going to be taking on more student loans.”
Crockett added that she hopes the Inflation Reduction Act will help rising interest rates if she has to take out more student loans if she decides to go to law school.
Another student on Drake’s campus said that he is not impacted by the forgiveness, but he understands how it would help people.
“It does not impact me directly,” said Zack Franzen, a freshman at Drake University. “But it seems like it’d be a good system to have more privileged families that can pay off these loans, not necessarily able to qualify for it, so that way there is more money to go to all the people who need it.”
An Iowa State student was not quite sure how the loan forgiveness would impact her, but she did say that this seemed to be a good approach to give opportunities to those who have been limited financially.
“I think it opens up a lot more opportunities, because I know like, people, minorities, are already struggling with opportunities, especially financially,” said Olivia Schicke, a junior at Iowa State. “And I think college specifically is just so difficult because it’s so expensive to give people who deserve opportunities the chance.”
For more information about the loan forgiveness and eligibility you can visit the Department of Education’s website.