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FGCU students say White House student loan relief could save them thousands

Posted at 5:46 PM, Aug 24, 2022
and last updated 2022-08-25 04:33:25-04

FORT MYERS, Fla. — On Wednesday, a major announcement came out of the White House for college students and, most former students who carry federal student loan debt.

President Joe Biden’s plan, which was announced on Wednesday forgives up to $10,000 in debt for people who earn less than $ 125 thousand dollars a year.

Some with pell grants could qualify for up to $20,000 in loan forgiveness.

Students on campus at Florida Gulf Coast University shared with Fox 4 what their loan totals will look like when they graduate.

“Probably around $15 grand,” said one student.

“At least $24,000,” said another.

“Probably around $20,000,” added another student on the way to class.

So, how far could $10,000 of less student debt go?

FGCU's website said a year of full-time, in-state tuition and books is about $7,300, so about a year.

“That's some of the stuff he (Biden) said he was going to do, to get elected it’s more of a… like you’re doing what we voted you to do,” said one student.

On Wednesday, There wasn't unanimous support for the White House plan, as some believe students who worked hard to avoid debt aren’t benefitting.

Some of the FGCU students we talked to said they are working to keep the debt as low as possible.

While others feel the announcement is a game changer.

“I know myself and other students, my roommates, student loans are crippling,” said one student.

"I'm a freshman so money is a huge factor so coming in knowing that debt is gone, is like sweet. Even if its, $10 grand is a lot of money, $20 grand, that's a lot,” said another student.

The president is also extending the payment freeze one final time until the end of the year.

President Biden said further details will come from the Department of Education, with applications to come no later than the end of the year.