willetsfi@lopers.unk.edu

President Joe Biden announced a new student debt relief on Aug. 25. This plan offers to forgive up to $10,000 for those with student loan debt and $20,000 for those who received a Pell Grant. 

Many are hopeful that this will prevent individuals from having to repay student debt and allow them to buy houses, invest in a business or focus on family.  

“With this whole plan, I think it’s exciting for some of our students, and it’s really, really going to help them,” said Renee Besse, associate director of Financial Aid.

This plan will forgive up to $10,000 in student loan debt for individuals who make less than $125,000 annually and $250,000 for households. Students who received a Pell Grant are eligible to receive an additional $10,000, according to whitehouse.gov.

This means students in undergraduate and in graduate school, alongside those out of college, will benefit from this plan. It’s listed that students graduate from UNK with an average debt of $24,420, according to the UNK Financial Aid website. 

Biden’s plan would work to cut the average UNK graduate’s debt in half, as well as provide an opportunity to those reconsidering college. 

“Most of our people who are in repayment or are in this situation, aren’t in school right now,” Besse said. 

Most people with student debt are in their next stages of life, paying utilities or living paycheck to paycheck. Biden’s plan is meant to help those who have completed school and need a hand, as well as those who were not able to finish school due to piling debt. 

These individuals now have the chance to go back and finish their degree without having to worry about debt repayment. 

Applications for student loan forgiveness will open mid-October. Students are encouraged to apply by Nov. 15 to receive the relief before Dec. 31, when the repayment period begins.

Students are recommended to visit studentaid.gov for more information surrounding student loan debt forgiveness or to sign up for notifications when the application opens.