'Not making a difference.' Student protestors call for canceling student debt
BOSTON - More than 800,000 Massachusetts residents are expected to be eligible for student debt relief under the Biden administration's plan.
"Forgiving loans... a huge help," one University of Massachusetts student told WBZ-TV.
It's a sign of relief for Rita, and undergrad student, knowing a portion of her student loans will likely be canceled in coming months.
"Every semester, I'm calculating how much loan I'm getting and I think about the future... how much I have to work to pay that off," said another UMass Boston student.
One in nine Massachusetts residents could see up to $20,000 in student debt canceled, the White House announced.
"It is a stress factor. An average family cannot afford college without loans," said David Whitaker.
He drove from Springfield with his daughter Elishia to tour Boston University's campus.
"Most of the schools we're looking at are $60,000-$70,000. $20,000 doesn't seem much when you think about it. Colleges are expensive," said Whitaker.
"Anything honestly," said one UMass student. "More would be better, but you can't complain."
So how can borrowers find out whether they qualify for some relief?
Borrowers will need to earn less than $125,000 per year - less than $250,000 for married couples. The government has to verify your income, so people will have to submit an application when the system launches by early October.
A small group rallied on UMass Boston's campus Wednesday, arguing that $20,000 doesn't go far enough, especially for students of color.
"I'm in my grad program; I have more than $66,000 in debt," said Izabel DePina. "That's not making a difference. We need Biden to cancel student debt for all!"
But others say the initiative is a good start.
"I think the government could go further, but it does help. Can't say it doesn't," Whitaker said.
Once the applications are submitted and approved, the Biden administration said relief will follow in about 4-6 weeks.