College students could be given a $10,000 debt relief under the president’s new plan, but it could be even more

ISLA VISTA, Calif.  - Students facing a college loan debt could be given a $10,000 forgiveness under a new plan proposed by President Joe Biden.

Borrowers in some cases could be seeing even more of their financial burden relieved under different aspects of the program.

The president says if you earn less than $125,000 annually, you can cancel up to $10,000 in student loans. For those who received financial aid through a Pell Grant, you can get up to $20,000 wiped off of the bill. 

Since early on during the pandemic more than two years ago, borrowers haven't had to pay on their student loans. 

During his campaign Biden talked about this debt reduction plan. 

Some of those who have been paying their debt have openly said possibly they should have held off if they knew this amount would not have to be paid.

There's also a group supporting an even larger amount of debt relief.

Currently the loan amounts are over $1.4 trillion.

UCSB student Carolina Suarez said,  when it comes to her loans, "I am a bit nervous paying them off."

This era of students has discussed the issue with their peers and their parents.    Izzy Bahamonde-Partlan said,  "we have a lot more student debt  than our parents did, and than our grandparents did.  My parents were able to get by working through college  and pay for it themselves, but I can't do that on my own. "

That's why this debt reduction plan is  appealing to many students.

Omar Gonzalez said,  "with the economy right now any help financially  you should take advantage of it, so I would just save that money hopefully for grad school."

Part of the graduation plan these days includes managing the student debt.
Suarez says for her it's, "getting a job in the first place to pay them off and being able to still like live comfortably."

Some  students with loans are hoping for more to help them get through these difficult times.

Samuel Ricci said, "I think it's a good thing.  I think it is a start. I think the President can do more and congress can do more and it is a step in the right direction."
For students who have been paying down their debt,  "it's unfortunate but I know  it will help a lot of other students and that's good thing, " said Ricci.

One student also said there's other financial issues to address.  "It is especially absurd that they charging international and  out of state tuition to be 65,000 but they don't get the relief because they earn too much,"  said student Travis Melero

He suggested a 20-year plan.   "The promise is,  you get a good degree, you get a good job and it pays well.  We are in a pandemic.  The market is crashing again and again every year it is going down hill.   There needs to be something sustainable. It doesn't have to be a whole lot  but it needs  to last at least  through  two decades or another generation of alums,  it should be now."