OMAHA, Neb. (KMTV) — Kendall Lanning said she went to college in the early 2000s thinking it would provide a better future, but now the challenge of trying to pay off $40,000 in student loan debt has caused her to reconsider.
"You end up making almost the same amount as not having that degree because your student loan debt starts to accumulate and your paying $200-$300 a month," Lanning said. "I was questioning, is college even worth it?"
Erick Frederick said he came to Omaha to attend law school, despite achieving a full-ride scholarship, the law school graduate now carries an even bigger load.
"I still had to take out loans for cost of living," Frederick said. "I currently have $53,000 in student loan debt just from three years of existence and having to take the Bar exam.
They're just some of the many who could qualify to have a portion of their debt forgiven under president Biden's student loan debt plan announced Wednesday.
The plan makes up to $10,000 in student loan debt eligible for forgiveness, for those who make less than $125,000 a year. Those who've received Pell Grants during college could see $20,000 forgiven.
Reaction to Biden's plan was mixed.
"To forgive (student loan debt) just helps us. (It) helps our economy and also gives people more strength to actually get an education," Lanning said.
"Unfortunately, most of my friends who have taken debt have $200,000-$300,000 in debt," Frederick said. "$10,000 is a drop in the bucket and won't change their payments very much."
Some who have spent years paying off their student loans, find the plan troubling, even unfair. Others, like Frederick, think erasing all the debt would be better.
"If you help people, we, in turn, can help others," Frederick said.
President Biden also announced a final extension to the pause on student loan repayments to January 2023.
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