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SU Students Impacted by Federal Student Debt Forgiveness SU Students Impacted by Federal Student Debt Forgiveness

SU students past and present are relieved to receive assistance.

By Carter Bainbridge

CARTER BAINBRIDGE: Thank you, Trey. Students are about to pay tuition in just over a month’s time, and those who are set to pay off student loans in Bowne Hall right behind me can now receive some extra financial assistance courtesy of the federal government.

BAINBRIDGE: Four days ago, the Biden administration announced the beta launch of its student loan forgiveness application. Yesterday, the website to apply officially opened. SU student Lukas Gibson says the program could help with debt he’s carried for years.

LUKAS GIBSON: So, I didn’t really know what to do. I was the first person in my family to go to college, so I was kind of confused. I took out a private loan, it ended up being a lot more – a lot higher interest rate than we had thought, so it could be a huge deal for me looking at the future and how long I’m going to be paying these college loans off.

BAINBRIDGE: The program extends $10,000 of aid for those making less than $125,000s a year and up to $20,000 for those eligible and Pell Grant recipients. The plan also assists former students now in the professional world. Recent SU grad Manny Martinez pays off around $200 of debt per month – and was relieved the government passed its aid package.

MANNY MARTINEZ: Welcome debt relief for sure. So, I was all for it, and I was always all for it. I didn’t really care how it got done, as long as it got done.

BAINBRIDGE: Borrowers must have federal debt to qualify for the program, but the government and Biden administration expects that this program will help millions of American borrowers including many here at SU. Reporting live from Syracuse, Carter Bainbridge, NCC News.

SYRACUSE, N.Y. (NCC News) – The Biden Administration formally launched its student loan debt forgiveness application website yesterday.

The step marks a dramatic step towards student loan forgiveness, but qualifications are in place that dictate who can and cannot receive funds. Applicants who earn under $125,000 per year can apply for $10,000 and applicable Pell Grant recipient applicants can apply to have up to $20,000 forgiven.

Syracuse University students’ loans like senior Lukas Gibson’s, will be affected by the plan. Gibson said he already applied for relief during the website’s weekend launch, and that it provides financial relief now and in the future.

“I took out a private loan, and it ended up [having] a higher interest rate than I thought,” said Gibson. “It could be a huge deal for me looking at the future with how long I’m going to be paying these college loans off.”

The Biden administration estimates that millions of Americans will be aided by the program, and reportedly eight million users accessed the application site during its beta launch last weekend.

The debt relief also helps those who are still paying loans out of college. Class of 2021 Syracuse graduate Manny Martinez said he pays around $200 monthly towards his loans and that he was eager for the government to pass relief in any shape or form.

“Welcome debt relief for sure,” Martinez said. “I was all for it, I was always all for it. I didn’t really care how it got done, as long as it got done.”

Applicants have until December 31, 2023 to apply for aid. Borrowers with federal loans currently held by private lenders are currently not included under the program’s qualifications.

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