According to President Biden, he has promised to help students eliminate at least 10 thousand dollars off student loans. For the moment, Biden has frozen student loans for students. According to news outlets, students have until September 30, 2020, to begin paying their loans.
In the meantime, students are on the hold to see some type of change for the way student loans are programmed as a whole.
Student Carlos Lara stated, “ This step could mean starting a social change since minorities are mainly affected with loan burden.”
Lara continues, “ Many people do not see the 10,000 as a huge help because it does not cover half of what people own. It is a horrible situation for many since paying loans takes years and years.”
He adds “Any help is always welcomed, though. I have seen my dad and mom work to help me pay for school. I know this is something I could take advantage of to lower my loans.”
Saint Xavier students will hear more about this assistance more in the future. According to Susan Swisher, the Executive Director of the Office of Financial Aid stated “ Since President Biden has taken office, we have not heard anything firm on the student loan forgiveness making it difficult to answer the questions.
She adds, “At this time, we do not know if there will be an Executive Action or whether or not it needs to go through Congress. I am sure more will come on that very soon.”
This topic has had attention on most social media platforms since there are people who agree or disagree with it. Many claim this change could be the start of a better future for many, but others say that it is not someone else’s responsibility to pay for another person’s loans. This brings many questions to the table.
Student Joana Aldrete shares how these changes give her hope “maybe we could see changes in how the American school system works in some future (years” she adds.
Aldrete states, “ It brings me to hope that the government can bring a solution to this situation. I always think about how this could affect me in the future. If I want to buy a house, my loans could stop me from potentially buying or acquiring some basic needs.”
She continues, “ the crazy part about student loans is that interest rates go off-limit. I understand that having an education can bring me a better future, but paying for an education is difficult since most times interest rates triple.”
She adds, “Overall, I will keep an eye on this situation, and I advise other SXU students to do the same. “