COLORADO SPRINGS — President Joe Biden announced the forgiveness of $10,000 per student loan borrower today. An announcement that has citizens divided.
Some people push back on loan forgiveness because they believe it will make it harder for the nation to bounce back from inflation.
It's not just inflation that has some people pushing back on this idea.
There are many individuals and families that have been paying back their loans for years, this won't be seen as fair.
On the other hand, for those students that still owe, the forgiveness of loans, even up to $10,000 is significant.
I spoke with local college students from UCCS, some who have student loans and some who were there on a full ride.
Despite differences, all of the students we spoke with agreed that student loan forgiveness would be a good thing. They say forgiving some student loans would set up borrowers for success because they’re entering a job market coping with inflation.
One student I spoke with says she works multiple jobs now to pay for college. She tells me it’s hard for her to imagine starting a stable life after college when she’s focused on her debt.
“It’s hard paying for tuition when it’s $30,000 or $40,000. It’s a lot to do on your own. I work a lot to try and get all that done and it’s hard to pay on your own. So, you do have to take out loans. I’ve taken out tons of loans so it would be nice to not have to pay as much back,” said Yoder.
Another argument for student loan forgiveness is the issue of racial justice and racial equity.
According to data from the Association of University Women, the group that would benefit most from $10,000 in loan forgiveness is women, specifically women of color. And by eliminating some of this debt, people of color would have more opportunities to build wealth.
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