LEXINGTON, KY. — President Joe Biden announced the cancellation of the ten thousand dollars forgiveness loan and a final extension of student loan payments.
“It’s just reached such a high point, a high number. It’s something that everyone experiences, so it’s a big problem that needs to be talked about and worked on,” O’Hearn said.
O’Hearn and Deguzis are both students at the University of Kentucky and say getting student loans to attend college is the reality for themselves and many of their peers.
“I don’t know unless you just are in a really, really good situation or coming from a really good family already. Even then, you have to get student loans for college. It’s just a reality of what it is,” O’Hearn said.
Biden announced on Wednesday the loan forgiveness plan that will allow borrowers who earn less than $125,000 a year or families who earn less than $250,000 are eligible for cancellation of $10,000 of their student loans, and up to $20,000 loan forgiveness for those who received Pell Grants.
“That’s just a relief to hear. We’re starting our senior year just to give us a better outlook on what’s going to happen,” Deguzis said.
Current students would only be eligible for the relief if their loans originated before July 1, 2022.
“We’ve gone through three years of college already not knowing what was going to happen, so just to hear this news I’m just grateful,” Deguzis said.
Deguzis and O’Hearn say they went to college to put themselves in a better situation, even if it took a financial sacrifice, and they both are thankful for any help they can get.
Biden also extended the pause on federal student loan payments through the end of the year.