U.S. Student Loan Forgiveness Has Borrowers Hoping for Vacations, Medical School
Reuters via US News ^ | August 25, 2022 | By Kanishka Singh
Posted on 8/25/2022, 8:33:22 AM by Oldeconomybuyer
WASHINGTON (Reuters) - Americans bearing heavy college debt loads welcomed U.S. President Joe Biden’s announcement on Wednesday that he would forgive $10,000 in student loans, and some shared hopes they can jettison extra work hours and perhaps take a vacation or return to school.
“I would not have second thoughts when planning a trip or going on a vacation,” said John Paul, 49, a restaurant manager in Washington DC who said he took out loans for his son’s tuition. “Earlier, it would be at the back of our mind that we have this debt hanging over us. Now we are somewhat relieved.”
Vincent Joseph, who graduated in 2019 and currently works at a lobbying firm in Washington, said he was happy to hear his remaining $6,500 of debt was likely to be relieved.
“There could be an entire next generation that does not have to work extra hours or additional jobs to repay this debt,” he said.
Kyra Taylor, an attorney with the National Consumer Law Center who focuses on student loans, described the step as “life changing for millions of Americans.”
Taylor, however, added that the plan does not do enough to help borrowers with larger balances, like many Black Americans, who experts say face heavy debt burdens.
“The administration should take additional actions to address racial inequities that the student loan system has exacerbated, and that means Black Americans, and especially Black women, are burdened by more student loan debt just to access the same opportunities as others,” she told Reuters.
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I see that he failed his Econ 101 course. Probably a couple of times.