Now that Joe Biden has been elected as the 46th U.S. President, students on campus are hoping he follows through with his campaign’s plans for helping students with student loan debt.
This plan includes eliminating 10,000 in all student debt then forgiving all undergraduate tuition related federal student debt from two and four year public colleges so long as the debt holder earns less than 125,000.
Temple sophomore Gizelle Ayllon says she hopes Biden prioritizes that plan.
“He made it part of his campaign and it was one of his promises, so I hope he keeps that promise.” She said.
According to a 2019-2020 report by Temple University, students’ average loan amount was $4,260, not including loans which were obtained privately.
The report also states that 57% of undergraduate students were given need-based loans.
Some students do not think Biden’s plan is likely to be passed.
“I think that the amount of Democrats in Congress that support is not necessarily a majority and Republicans definitely do not seem to be supporting any bail-out in any shape of form.” Senior John Tocci stated.
Another part of Joe Biden’s plan for education beyond high school includes making tuition free for families earning less than $125,000 for two and four-year public colleges.
Even if the President-elect follows through with this plan, student loan services will remain in business.
The Executive Director of Student Loan Servicing Alliance, Scott Buchanan, thinks it is because some students want choice between public and private institutions.
“Loans are going to continue to play an important role for offering options and access for lots of families in the country.”