Biden considers canceling up to $10,000 in student loan debt
BOSTON - The Biden administration is expected to make an announcement this week extending a freeze on federal student loan payments and possibly forgiving some federal student loan debt.
The plan under consideration would cancel up to $10,000 in student loan debt for people making $125,000 or less and the announcement could come as early as Wednesday.
Student loan debt has steadily trended upward with roughly 45 million Americans owing nearly $1.7 trillion dollars.
In Massachusetts, 12.8% of residents have student loan debt. The average student loan debt in the Commonwealth is $34,146.
Hannah Leary knows the burden of student debt. The Suffolk University junior studying law and paralegal studies is an RA and working three jobs to get through school. At Suffolk, the tuition is roughly $43,000 a year, not counting room and board.
"It's hard, it's frustrating, it's scary and it's not only a financial responsibility but it's also a mental responsibility as well to be able to manage it all," Leary said.
Leary says $10,000 would certainly help her situation but it may not be enough.
"If there was any way we could do student loan forgiveness on a large, large scale that would be very helpful," she said.