SPOKANE, Wash. — Since the announcement on Wednesday morning, reactions from borrowers have been flooding in and they're certainly mixed.
At Gonzaga University, two thirds of students qualify for financial aid.
But even with aid, students have to rely on loans to pay their way through college.
Some borrowers believe that the Biden Administration could have done more and help cancel even more debt.
Patty O’Neill, a student loan borrower, says, "I still at my age have student loans and I think a revamp of the system is critical but I think $10,000 is a pittance for most people with student debt. It's too little."
Others hope that it will lead to further discussion about student loans and paying for college.
"I hope to see a discussion evolve and it's not just about 'let's get rid of student loan debt,' which is a start. But, let's take that all the way through how we make higher education more affordable and accessible for all income brackets,” said Scott Pritchard, another loan borrower.
For some students, the debt cancellation gives them an opportunity to pursue further education.
"I'm only in college because I got the amount of financial aid I was able to get,” said Gabrielle Charneydi-Brnardl, a junior at Chapman University. “Even then, I'm taking loans out still. So, it was really big looking into my future and getting my PhD and studying more but feeling constricted, but now with this I'm able to go into my masters."
A spokesperson from Gonzaga University says there is no plan to drastically increase tuition costs with Biden's new loan cancellation plan.
With room and board, the cost of attendance at Gonzaga can get up to almost $70,000
"I mean honestly, I just wish I didn't take out student loans in the first place. I think the cost of college in this country is ridiculous and I definitely think a higher amount would have been nice, but I'm definitely appreciative that I get a little bit of loan forgiveness,” said Elly Reid, a senior at Gonzaga University.
Biden has also extended student loan relief through the end of this year.
The Biden Administration has said that nearly 8 million people may be able to have their debt forgiven automatically because people's income data is already available to the US Department of Education.
But, if the Department of Education doesn't have your data the administration says it will launch a simple application in the coming weeks.
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