10 Michiganders Share How They Feel About Student Loan Debt Forgiveness
On Wednesday, August 24th, President Joe Biden shared his student loan forgiveness plan.
People seem to be split on how they feel about this decision.
Before we see what people in Michigan had to say, let's break down the plan.
President Biden Announces His Student Loan Forgiveness Plan
The plan would forgive $10,000 of federal student debt and $20,000 for Pell Grant recipients.
Individuals who make under $125,000 and married couples who make under $250,000 a year qualify.
Get more details about President Bidens Student Loan Forgiveness Plan Here
10 Michiganders Share How They Feel About Student Loan Forgiveness Plan
After President Biden made the announcement everyone on my social media seemed to have an opinion. Some people loved the idea while others were not happy about it. These are 10 Michigander's thoughts about the student loan forgiveness plan.
Jamie Lee Said:
I’m definitely thrilled about it, I wouldn’t have been able to get my bachelors or masters degree without loans. I also knew the field I was entering (social work) doesn’t pay nearly enough for the work we do and had accepted that I’d most likely be paying off my loans forever with the hope of forgiveness at some point. I wasn’t able to get pell grants due to my parents inheriting assets beyond their control and while 10k doesn’t do a whole lot for mine, it does significantly reduce my husbands overall total. I’m hoping to see more forgiveness in the future, along with more affordable tuition rates because paying $700 per credit hour is just ridiculous, not to mention paying that much per credit hour to complete an unpaid internship 20 hours a week for a year (3 semesters) is asinine.
Jessie Holiday Said:
People CHOSE to go to college and get themselves into that debt. Things like this are why we have a ton of entitled people ending around. There's always someone to bail them out.
Lisa Laplante Said:
$10,000 wouldn’t cover much when I graduated college 27 years ago - I’m sure that tuition is even higher now. It is a shame the people crying foul today didn’t get as angry about the $1.5 trillion in tax cuts that big businesses received in 2017.
Nathan Crowe said:
Don't want debt don't get a loan. It's really that simple. My wife paid for her education. I didn't go to college and have now owned my own business for 15 years. In the process, I've created jobs for 5 people to help them support their families. Student loan debt is a choice. I do agree tuition is to high and interest rates are to high. But the people that agree to the terms of the loan knew this when they signed the paperwork.
Garrett Kozden Said:
I could literally write that article for you with all my thoughts
I graduated without student loan debt. I am THRILLED that people that did not have the same privileges are now able to get out from under oppressive loans. There's a lot that needs to be fixed with how we fund higher education, but this is a fantastic starting point. Part of being a member of society means paying into systems that uplift everyone. That's exactly what this does.
I’m happy and thankful for it. So many young people have been victims of predatory lenders and been taken advantage of by companies that are using higher education as a bargaining chip. It wasn’t like this when most of these upset boomers were going to college, and if so certainly not at the level we’re seeing today.
What about all the people who made life-changing decisions so they would not be left with any debt?* What about all the kids who worked jobs at the same time and spent many extra years putting themselves thru college without any debt?* What about those who paid for their schooling thru ROTC and the required active-duty military commitment after college?* What about those who took out private loans thru their own banks?What do they get?
Deb VanderNaalt Said:
I've been paying on my student loans for 12 years and I'm not even half way done with paying them off. I know that the loan forgiveness makes a lot of people angry. However, it helps me tremendously. I was not out there lobbying for the forgiveness but I'm certainly not going to turn this away. Also, this won't change my vote in the upcoming election.
I’m thrilled! A masters degree is required for an entry level position as an occupational therapist. My parents “made too much” money to qualify for any fafsa assistance. If it wasn’t for student loans, I would have had to settle working in the factory, food or retail industry. I would wake up hating the thought of work. Instead I wake up up with over a hundred thousand dollars in debt and jump out of bed excited to go to work because I LOVE my job. PSLF will be a huge life saver, allowing me an opportunity to actually get a grip on my financial situation. The student loan crisis isn’t something new, it’s about time they address this before it gets much worse.