Arcata, Calif. (KIEM)- On Wednesday Biden announced his long awaited student loan forgiveness plan.
The proposed plan will forgive up to $20,000 in student loan debt for Pell Grant recipients and up to $10,000 for non-Pell Grant recipients. The plan excludes borrowers that earn more than 125,000 per year. The student loan pause will also be extended through dec. 31.
Students at Cal Poly Humboldt seem to be favorable about the new proposed plan.
“I think it’s very beneficial to a lot of students and even their families across the U.S., especially those who are low income… it’s really going to help not only students be successful in their lives, but also just maybe even the U.S. in general” said Cal Poly Humboldt student, Sulaina Banks.
Cal Poly Humboldt Alumni and Assistant Director of Financial Aid, Morgan McBroom says that her student debt has been a huge financial burden on her.
“So in order for me to go to school, I had to work full time and take out student loans just to be able to get by. So I graduated four years ago and ever since then have been plugging away at paying back my student loan debt,” said McBroom. “My husband and I have put off a lot of things in our life, including buying a home and kind of growing our marriage while we came out from under this debt.
With the new student debt forgiveness McBroom feels like she has a fresh start. Her life that feels as though it has been on hold, can resume. She explains that after her debt is forgiven, her degree will actually feel like it belongs to her.
Faculty at the university alike feel that the plan is a step in the right direction for many.
Cal Poly Humboldt Director of Financial Aid Peggy Metzger
“What we’ve been hearing on the national news is this idea of people who are graduated and they’re alumni and they’re out and they either graduated or they didn’t quite graduate. And they’re out in the working world and they’re struggling to make ends meet. And this forgiveness of loans is really going to help those people,” said Metzger. “But the other thing that we need to remember is that this is going to help our current students right now… It’s a really good start towards rethinking how student loans work altogether. So it’s a great step. There is way more work to be done in this world. But it’s a really good, positive step.”
For more information about student loan forgiveness and repayment you can visit: studentaid.gov