President Biden considering forgiving portions of student loan debt
COLUMBIA, Mo. (KMIZ)
As graduation ceremonies ramp up at Mid-Missouri colleges and universities. President Joe Biden is considering forgiving student loan debt.
"I am considering dealing with some debt reduction, I am not considering $50,000 debt reduction." President Biden said.
In the U.S, according to Nerd Wallet, there are close to 43 million Americans that have federal student loans, with the total outstanding loan debt at $1.75 trillion. Some people want it forgiven for a better future.
"Yea it just allows me to go into my life and be able to get into my career and build everything up and build my life and not have to worry about the extension of paying back loans straight away," Asia Andrews says.
Andrews graduates from the University of Missouri in two weeks and owes $11,000 in student loans. She plans to attend graduate school but says student loan payments will be hard to afford.
"I need a decent credit score to live a sufficient life," Andrews says, "but I can't live a sufficient life because my credit score isn't good because I can't afford to pay for things that I need to pay for.
Kristin McGuire, executive director of Young Invincibles, says student loan debt is a national crisis as the cost of college has increased.
McGuire says, "The flat wages, coupled with labor market discrimination, rising cost of living as made it almost impossible for many people young adults to fully repay their student loan debts."
She says those who are recent college graduates should connect with organizations for help to manage payments.
"Student Debt Crisis Center and Student Borrower Protection Center and get involved in the public service loan forgiveness program and immediately proactively manage their loans," McGuire said.
It's also suggested for those who are about to go to college to only take loans out for the bare minimum to survive but make sure you take care of your basic needs.
Columbia College and William Woods University will both be holding in-person graduation ceremonies this weekend after having comment ceremonies disrupted due to the COVID-19 pandemic.
William Woods University will be holding its ceremonies at the McNutt Auditorium with no restrictions on who can attend, no seating requirements and mask mandates.
Columbia College will hold its ceremonies at the Southwell Gymnasium. Each ceremony will be open to all master's, bachelor's and associate degree graduates.
