HIGHLAND HEIGHTS, Ky. — People with student loan debt who were hoping to have at least some of it forgiven will have to wait at least a few more months, if not longer.
President Joe Biden’s student loan forgiveness program gave many people hope they could have up to $20,000 worth of their federal student loan debt forgiven. In the last several months, several students on Northern Kentucky University’s campus shared their opinions on the matter.
“Honestly, I would jump for joy. If I could do backflips, I would. So I would love that. If that were to apply to me,” said Barnabas Olatoian in August.
Also in August, William Brbovic said, “I mean, even though most of my school is paid for, I think it’s a great thing that they’re relieving some of their debt, especially since the price and everything is rising so much.”
In November, Stacey Armah expressed her concern about the possibility student loan forgiveness would never come to fruition.
“When I heard about the loan forgiveness, I was like, okay, I have a chance. Maybe my savings can go into something else. I don’t have to pay for this. And I’m hoping I qualify, because it’s just $5,500. But now, I don’t know anymore. So I’m still saving,” she said.
So far, the program has canceled no debt, but millions of people have applied. However, a lawsuit led by attorneys general in several states challenges the constitutionality of the program.
The U.S. Supreme Court will hear arguments in February, and in the meantime, no debt will be forgiven. NKU Assistant Vice President for Enrollment and Financial Assistance, Leah Stewart, explained how her office is advising students during this time.
“We are anxiously awaiting a final outcome or decision on if this loan forgiveness program is really going to go into law or not. And so just as we’re waiting, our students are waiting. We’re trying to tell them just to be as patient and hopeful as possible. As soon as we know the information, we’ll definitely be available to assist students and parents through the process,” Stewart said.
She said many NKU students have applied, and gotten confirmation that the program has reviewed their information. Stewart said students are ahead of the curve. With so much uncertainty, though, she said her main advice is to operate business as usual.
“If they’re in repayment, you need to repay, right? So you don’t want to stop that process. However, understand that they may be advantaged through this program,” she said.
If the court approves the program, people with student loan debt could have $10,000 of it forgiven. People who received Pell Grants could have an additional $10,000 forgiven. Borrowers must earn less than $125,000 or $250,000 per household to qualify for relief.