RALEIGH, N.C. (WNCN) – Imagine getting an email that your remaining federal student loan debt will be canceled. Well, this is a reality for nearly 153,000 people currently enrolled in a new repayment plan launched by the Biden administration.
Heather Davenport is one of the lucky millennials. She doesn’t have any student loan debt but isn’t far removed from others drowning in debt.
“I think our generation is bogged down by a lot of student debit. I know a lot of people with student debt,” said Davenport.
Wake County educator Eric Fitts says it was his reality for a number of years.
“I have to say being burdened by debt you’re paying a lot of money and interest,” said Fitts.
Right now, Fitts has been the focus of some recent ads by the Biden administration. He admits it’s challenging trying to further your education, take care of your family and paying down your student loan debt.
“It’s just challenging because there are certain things that you want to do with your kids that you’re unable to do,” said Fitts.
The latest round of debt relief is for borrowers enrolled in the new income-driven repayment plan known as SAVE – Saving on a Valuable Education. Under this plan, remaining federal student debt balances have been erased for those who originally borrowed $12,000 or less and have made payments for at least 10 years. It’s something one beneficiary of a previous Biden debt-relief plan says is life-changing.
“I just want to make sure that I can now invest money for my kids’ education. I don’t want them to have the same challenges when they get out in their career,” said Fitts.
The people affected are expected to get an email with a congratulatory message from the president. It’s a move some told us off camera isn’t fair for those who have paid off their loans, while others think it’s a step in the right direction.
“I think to be able to get that forgiven helps people move on with their lives and helps them buy a house,” said Davenport.
If you’re wondering how you can get on an income-driven loan repayment program or would like to check to see if you qualify for loan forgiveness programs, click here.
Greg Funderburg
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