DENVER – President Joe Biden announced Wednesday his administration will forgive up to $20,000 worth of student loan debt for Pell Grant borrowers and $10,000 for those who didn’t receive those grants from the federal government. Student loan forgiveness would only apply to people making less than $125,000 a year.
In Wednesday’s announcement, Biden also said the pause on repayments will be extended through Dec. 31.
Who would benefit in Colorado? Nearly a third of student borrowers, according to research from Student Loan Hero.
As the Biden administration moves to forgive millions of dollars worth of student debt for many in the U.S., we want Your Opinion. What are your thoughts on the Biden administration’s student loan relief plan?
- How will student loan forgiveness impact you? What tradeoffs have you had to make so you could pay off your debt?
- If you’ve already paid your student loan debt, what are your thoughts on the student loan forgiveness plan? If you’re against it, what, in your opinion, would be a better way to help people facing insurmountable student loan debt?
What you're saying
'I had no choice but to take retirement money'
I co-signed a student loan that my daughter defaulted on during the pandemic, which affected my credit, and I had no choice but to take retirement money to pay it off, plus pay a significant amount of tax on the withdrawal. I’m a retiree and on social security. Had this help been in place earlier, this would not have happened.
Sandy M.
'I've been an educator for 20-plus years, and have not made enough to pay off my loans in an optimal time frame'
Applause to the Biden administration for student loan relief and making good on his campaign suggestion of what he aspired to do. I've been an educator for 20-plus years, and have not made enough to pay off my loans in an optimal time frame which means lots of interest. I'm not sure if I will qualify, but the attempt is well worth the wait. This has been the only administration to move the discussion to action. I'm appreciative of the inaugural efforts. Let's face it no other administration has made student loan forgiveness a priority.
Deborah Sims Fard
'For those of us who worked to get a college degree and paid off any loans we had to take out, this is a slap in the face.'
When will the president and other politicians do something to reduce the national debt? They just continue to spend money like there is no limit or repercussions. Giving aid to other countries, forgiving student loan debts, authorizing free rent, and handing out unemployment benefits to the point where nobody wants to work, and on and on. Just giving away money with no regard for the country's future. I think the democrats are desperately trying to gain votes by sacrificing our future just so they can remain in control. For those of us who worked to get a college degree and paid off any loans we had to take out this is a slap in the face. I have never seen such total disregard for our country's future and I am disgusted!
Leon Faris
'I'm happy for the folks with crushing debt, however, who put themselves there?.'
I worked hard and paid off nearly 65K in student loans. I'm happy for the folks with crushing debt, however, who put themselves there? I don't believe it's fair to us who did pay them off. Maybe if they would refund some of the debt we paid.
Dana Morano
'Loan "forgiveness" is not free, but is paid by somebody: taxpayers.'
Loan "forgiveness" is not free, but is paid by somebody: taxpayers. The Universities will not give free education, the banks will not give free loans, but the taxpayers, most of whom do not owe student load repayment, will pay. It is the middle class workers who will pay these debts, paying for people who made bad choices in field of study and burden of debt. The plumbers, mechanics, technicians and nurses who will be paying off the government debt assumed by forgiveness. This program shifts responsibility from those who contracted for this debt to those who did not, and is unfair to the rest of us and our children who eventually must pay this off.
Chris Kelly
Your Opinion about student loan forgiveness
We invite you to share Your Opinion with the Denver7 360 team and we’ll compile your answers together to share with our audience and readers to help others.
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