UofL students approve of student debt relief

On University of Louisville’s campus, there seems to be no limit to positive reactions to President Biden’s plan to forgive a portion of college debt for studen
Published: Aug. 24, 2022 at 6:47 PM EDT

LOUISVILLE, Ky. (WAVE) - On University of Louisville’s campus, there seemed to be no limit to positive reactions to President Biden’s plan to forgive a portion of college debt for students.

The plan will be limited to individuals making less than $125,000 per year, but students didn’t seem to mind.

“Financially, it’s freeing me from from whenever I want enter the workforce, and I have a lot of other bills I have to pay,” student Zane Phelps said. “I have rent, utilities, just all sorts of bills. This is going to be really, really helpful.”

“I mean some of my professors have student loans from decades ago that they’re still paying off,” student Eric Miracle said. “It’s just a huge burden. I think it’s going to be really good for them not to have such a huge burden. He’s not taking away everything, but he’s taking away some of it. It’s enough to make an impact, I think.”

Most borrowers will be impacted with $10,000 in debt relief.

According to university estimates, the UofL class of 2022 graduated in the spring with an average student debt load between $22-23,000.

The Biden plan also cancels up to $20,000 for recipients of Pell Grants. It also delivers options for people like Sim Nanda, who want to go to grad school.

He predicts loan forgiveness will eliminate four to five years of debt payments.

“So think about the money I would save in order to do that,” Nanda said. “You know, paying for my undergrad and my masters program. That would really help.”

Others see it as an opportunity to build more wealth.

“I believe that gives you a better chance to excel in your career,” student Desmond Newkirk said, “due to the fact that you won’t have to worry about paying back such a great amount of student loans out of your pocket, out of your checks. That could go towards something better.”