Original publish date: Aug. 30, 2022
Credits: Gray Television News 12 KXII, Chanel Young
DURANT, Okla. (KXII) - More than 40 million Americans could see their student debt reduced due to the Biden Administration’s student loan plan.
On Wednesday, President Biden announced a plan that forgives $10,000 in federal student debt for people with annual incomes below $125,000, or households that earn less than $250,000.
The plan has gained the interest of students from all over the country, including those at Southeastern Oklahoma State University. Intrigued students include SOSU Student Body President Madison Hunt, who said she relies on scholarships to pay for her education, and makes remaining payments on her own.
“I think the forgiveness plan helps bring up [the high cost of education] as a talking point,” Hunt said. “I think it brings awareness to the fact that most kids leave school with student loan debt nowadays. Scholarships do not cover my whole tuition, housing, and dorms when I lived on campus. So the fact that that’s raising awareness, I believe that’s a good thing.”
Similar to Hunt, SOSU student Emma Quintana relies on a job and scholarships, while her brother undergoes the stress of student loans.
“I think the forgiveness plan would alleviate a lot of stress because financials are a big source of stress for everyone,” Quintana said. “It would mean a lot because that takes the stress away and allows students to focus on school and getting a really great education. We could put all our energy into that instead of working on paying off things.”
While students anticipate the application process and possible eligibility, critics question the plan’s fairness. Many critics suggest the plan is unfair to American’s who have already paid off their student loans. Other critics question whether Biden has the legal authority for the action. However, some students choose to view the administration’s plan in a different approach.
“I think struggle shouldn’t be passed on,” Hunt said. “Just because something was this way in the past, doesn’t mean it has to continue to be that way in the future. If we have the ability and the heart to help people, I think we should. Times have changed. If we could help out the younger generation, that would be good.”
Quintana added, “America is about is growing, and this is an opportunity for us to grow and learn and be able to do better.”
University officials said time will tell how the plan plays out.
“When we get more clarification from the government on the actual details, we will obviously pass that information along to the students,” said SOSU Superintendent Alan Burton. “It certainly generated a lot of interest and discussion.”
According to Biden, the department of education will display a detailed yet short and simple form to apply for the relief, along with information for when this application process opens in the next few weeks.
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