Some New Yorkers thrilled, others bothered by Biden's federal student loan relief

New Yorkers have mixed reactions to the federal student loan relief that President Joe Biden announced on Wednesday.

News 12 Staff

Aug 24, 2022, 9:19 PM

Updated 659 days ago

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New Yorkers have mixed reactions to the federal student loan relief that President Joe Biden announced on Wednesday.
Biden said that $10,000 in federal student debt will be forgiven for those earning under $125,000 a year. He also is extending the pause on federal student loan payments through the end of 2022.
Teresa Leclair just graduated from college and is heading back to school for her master’s degree.
She was thrilled to hear she will be less burdened by student debt.
"I called my mom, I go, ‘Thank God I don't have to pay that money back,’” she says. “It's knocking it down from $27,000 to $17,000, so that's more doable.”
Gary Dvoskin, of Melville, says while he believes in extending the time frame in which people can pay back loans, it should be up to borrowers to pay it off.
"I paid off my daughter's tuition, I didn't get any forgiveness,” he says. "I just don't feel that it should be my burden to pay off other people's loans."
Daniel Bogin, of New Rochelle, believes this financial aid is long overdue.
“One of the greatest areas of inflation is happening in college education. It's a good start, but it's just not enough. I think people need more,” he says.
Bogin believes the amount of assistance you get should be directly tied to your income.
"If your debt from college is so much greater than your income that you're bringing in, having just a nominal $10,000 isn't so helpful."
Biden also announced he will cancel up to $20,000 for recipients of the Pell Grants.


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