President Biden forgives federal loans across the nation
Many college students can be intimidated by the finances needed to pursue higher education, often causing stress and bigger workloads for students having to keep up on bills.
On August 24, 2022 President Biden signed legislation that can be a huge relief for students in the near future. Biden enacted the latest versions of the Student Loan Forgiveness Act. With further details to be released down the road, Biden prepares to take up to $20,000 off in loan debt for eligible students.
The bill also plans to add another six month pause on current loan payments and plans for payments to resume January of 2023.
Many recent alumni have been grateful for the loan pauses that have happened since the end of 2021 and continue to get help from the government from the recent pandemic. Damon Gibson, a 2022 QU grad, explains his recent loan process since leaving school.
“The biggest relief I have on this outlook of this act is when I was in college during the first year back from COVID… (it) delayed my graduation by having me stay an extra semester in school… This act has in turn helped me take off the debt I didn’t intend to use but also set me up to save more money on life ventures such as buying my own house,” Gibson said.
While some students are happy about the recent news, there are many growing questions and concerns for other students on campus on how to follow through the application process.
While it is stated that students will get at least $10,000 dollars (or $20,000 if you had Federal Pell Grants) this is only the case if your annual income is under $125,000 per year or $250,000 per year for each household. Many current students begin to wonder if they can reap the benefits.
Students are encouraged to sign up to the Department of Education subscription page to be notified when the process has officially opened.
President McGee also assured the university will keep its students updated on the details.
“QU will provide information to current QU students and to QU graduates as we receive it. The loan-forgiveness portion of the new program provides benefits to current and former students… the more favorable loan-repayment terms announced by the government will apply to future students and encourage some of them to see education at a place like QU as affordable,” McGee said.
While President McGee provides clarity for the upcoming months, many students have concern if the bill is fair for everyone.
While some former graduates are outraged for being left out, there are many international students on campus who cannot receive these benefits. QU senior and Canadian resident Grayson Kuan explains his predicament from the new bill.
“Yea I don’t have any federal loans cause I’m Canadian. I wasn’t allowed to. So I get to hear all my teammates hear about their debt being handled while I’m still stuck with my fees,” Kuan said.
With many international students here for athletics, this bill will continue to see mixed reviews dependent on who gets the relief. Quincy University students and its staff will be focused on their financial aid letters more closely than ever before.