Loans – NDSU students weigh in on student loan forgiveness
FARGO, N.D. (Valley News Live) -The debate continues on the issue of student debt. President Joe Biden has pitched forgiving $10,000 for each borrower.
North Dakota State University students are weighing in.
“We are super seniors,” NDSU students Matt Sash and Matt Nuebel say. “We have quite a bit of student loan debt. We are pharmacy students.”
Whether a super senior or a brand new college student, this is the case for many.
“I had to actually take out my whole student loan by myself,” NDSU freshman Sidney Kvam says. “I have to pay it back myself.”
Student debt loans near $1.7 trillion in the U.S. right now. Yes, that’s trillion, as in the 12 zeros trailing the one.
“If you’re a full-time student, you might not be able to have a full-time job right away to pay it back,” Kvam says.
North Dakota’s piece of the pie is around $2.4 billion, more than $29,000 per person on average. In Minnesota, that number is much higher at $25.5 billion, more than $32,000 per person.
“To encourage education, I think that’s a good idea,” Sash says.
“They say education is the best investment you can make for yourself,” Nuebel adds.
These students say they feel President Biden’s idea to forgive $10,000 of federal student loan debt to each borrower is a step in the right direction
“Give us a little bit of that financial relief so we don’t have to worry about being in debt half our lives,” Kvam says.
Then some oppose, like NDSU sophomore Patrick Morstad.
“I currently don’t have student loans,” he says. “I worked over the summer so I can pay for them with that.”
He says he questions the fairness of President Biden’s idea.
“I don’t think we should do forgiveness loans,” he says. “I don’t want to have to pay for it later.”
He’s also taking into consideration that forgiveness loans would be considered taxable income, which could bite students on the backend.
Other than issuing an executive order, extending the pause on student loan payments during the pandemic, President Biden hasn’t taken action.
President Biden is facing pressure from democrats to increase the amount. The pause on student loan payments will last through the end of September.
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