President Biden finally succeeded in passing a student debt forgiveness plan on Aug. 24. The plan includes thousands of dollars of relief for students who qualify.
The plan comes as the fulfillment of one of Biden’s campaign promises and carries on the series of recent wins the administration has seen in recent weeks.
According to the White House, the plan includes up to $20,000 in relief for Pell Grant recipients and up to $10,000 to low-income borrowers.
Individuals can qualify for the plan if they make less than $125,000 on a single income or $250,000 for married couples.
Lawmakers on Capitol Hill are split in what they believe about Biden’s loan forgiveness plan.
Students at ULM are also split in their opinions.
Junior political science major John’Nise Peoples believes the plan is a step in the right direction for students.
“I feel like this will benefit so many ULM students because whether anyone recognizes it or not, financial burdens cause a real and extreme strain on the mental health of many students and just adults in general,” Peoples said. “I think that with this, not only will it help relieve some of the stress of current ULM students, but it will make it easier for future ones or people who are holding off on continuing their education because of their current student loan debts.”
On the other hand, senior history major Mason Kizzia does not think the plan will keep the debts away, but just push them off onto someone else.
“I don’t feel like it helps that many people,” Kizzia said. “It’s going to have to be paid for by somebody, and if it’s not paid for by those who took out the loans…and now can’t afford it, then it’s going have to go to all the other taxpayers in America.”
Regardless of what individuals believe, Biden’s loan forgiveness plan will go into effect within the coming days for those that are eligible.
Included in the plan is an extension on the moratorium of student debt payments until Jan. 1 of 2023.
If you are unsure of whether you qualify for student loan forgiveness, visit the Department of Education’s website at ed.gov.