Students hopeful that $2 billion of loan forgiveness is just the start
The United States Education Department is canceling $2 billion in student loans for thousands nationwide.
"Check your inboxes!" Secretary of Education Miguel Cardona tweeted, noting that $715 million in student loan forgiveness has already been finalized with another $1.2 billion on the way.
Teachers, social workers, veterans and public servants are eligible for the loan forgiveness.
More student loan relief could be coming as President Joe Biden has said he is in support of canceling $10,000 of the loans for all, but some Democrats are pressuring him to raise that amount to $50,000.
Hofstra University student Jalen O'Neell says students like him appreciate any relief they can get financially.
"I know it would mean a lot for not just me, but a bunch of students across America," O'Neell says. "Education is really important."
The Federal Reserve estimates that in the second quarter of 2021, Americans owed $1.73 trillion in student loans.