More than 26 million people nationwide who qualified for President Joe Biden’s student loan cancellation plan are on hold, waiting for a Supreme Court decision.Another proposal is now being considered, known as the revised pay-as-you-earn plan. If either or both are passed, it could be potentially great news for student loan borrowers.One financial aid expert in New Hampshire said the system needs a complete overhaul. Biden’s plan could provide up to $20,000 in student loan relief, while the pay-as-you-earn plan could bring long-term breathing room to borrowers.”I think that these are steps in the right direction,” said Ken Ferreira, vice president for student financial services at Franklin Pierce University.Ferreira said the current proposals could provide a lot of relief.”The financial aid community, I think, feels really good about this. This is progress,” he said. “The prospect of not only having student loan forgiveness but coupling it with a revised repayment plan for income-based repayment helps to fix the problem.”Izzy Usle is about to graduate from New England College with a degree in illustration and tens of thousands of dollars in loans while she tries to plan for her future.”Whether government student loans are forgiven or not, it would be nice to know either way and have some idea of exactly what it’s going to look like,” she said.Vishal Bharathi, a University of New Hampshire-Manchester freshman from India, said he will leave his two-year program owing $60,000 in loans, but he’s thankful for the opportunity the loans are providing and is confident he will get a job that will allow him to pay them off.”And I have decided for myself that, yes, it would help me out, and I would be in a job that would sustain my life and pay for the debt, as well,” Bharathi said.Federal figures show that 77,000 New Hampshire borrowers were fully approved for college loan assistance before the president’s forgiveness plan was halted.
More than 26 million people nationwide who qualified for President Joe Biden’s student loan cancellation plan are on hold, waiting for a Supreme Court decision.
Another proposal is now being considered, known as the revised pay-as-you-earn plan. If either or both are passed, it could be potentially great news for student loan borrowers.
One financial aid expert in New Hampshire said the system needs a complete overhaul. Biden’s plan could provide up to $20,000 in student loan relief, while the pay-as-you-earn plan could bring long-term breathing room to borrowers.
“I think that these are steps in the right direction,” said Ken Ferreira, vice president for student financial services at Franklin Pierce University.
Ferreira said the current proposals could provide a lot of relief.
“The financial aid community, I think, feels really good about this. This is progress,” he said. “The prospect of not only having student loan forgiveness but coupling it with a revised repayment plan for income-based repayment helps to fix the problem.”
Izzy Usle is about to graduate from New England College with a degree in illustration and tens of thousands of dollars in loans while she tries to plan for her future.
“Whether government student loans are forgiven or not, it would be nice to know either way and have some idea of exactly what it’s going to look like,” she said.
Vishal Bharathi, a University of New Hampshire-Manchester freshman from India, said he will leave his two-year program owing $60,000 in loans, but he’s thankful for the opportunity the loans are providing and is confident he will get a job that will allow him to pay them off.
“And I have decided for myself that, yes, it would help me out, and I would be in a job that would sustain my life and pay for the debt, as well,” Bharathi said.
Federal figures show that 77,000 New Hampshire borrowers were fully approved for college loan assistance before the president’s forgiveness plan was halted.
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