RICHMOND, Va. -- President Joe Biden announced a first-of-its-kind student loan forgiveness on Wednesday that he says will impact millions of Americans, but the news is leaving many Virginians divided.
Some are thrilled that it's taking a burden off of them, while others find it frustrating for those who have already paid off their loans.
According to the Education Data Initiative, Virginians have, on average, around $39,000 of student loans. Over half of those with debt are under the age of 35.
Mariam Tamrat, a college student, said hearing the news made her happy and it was a relief.
“It’s a great step towards a good future for everyone going to college,” Tamrat said.
Mike Martin said he thinks the money could be used in better areas, and believes people have worked hard to get where they are to pay off their loans.
Governor Glenn Youngkin reacted to the news by focusing on keeping state tuition low.
“I think making sure that Virginia’s great institutions, institutes of higher education are accessible to all Virginians by making sure that they are affordable, is critical. Students coming out with 10s of 1000s dollars of debt is a real challenge, and the best way we can approach that is to keep tuition low,” Youngkin said.
Biden's announcement is part of a three-part plan.
For those who make under $125,000, up to $10,000 of federal loans will be canceled. If you have a Pell Grant, this cancellation can be up to $20,000.
Payments will also now be capped at 5% of people's incomes and student loan payments will be extended one more time through the end of the year.
“An entire generation is now saddled with unsustainable debt in exchange for an attempt, at least at a college degree,” said President Joe Biden.
The White House said more information on how to claim this relief will be available in the coming weeks. You can sign up to be notified here.
A full breakdown of the announcement can be read here.
