Metro Detroiters react to Biden's student loan forgiveness plan
(CBS DETROIT) - Metro Detroiters have mixed reactions after learning about President Joe Biden's plan to reduce student loan debt with a new forgiveness program.
"I think it's a good idea," said Greg Smith, a Royal Oak resident. "Especially if they take advantage of it."
However, not everyone agrees the plan is fair.
"It's definitely not fair for me," said Antonette.
Antonette said she is yet to take out any loans for college and works overtime to pay tuition. She questioned how the Biden administration planned to pay for the student loan forgiveness. So far, no details have been released.
"That's what my administration is going to do," Biden said during a press conference on Wednesday.
Biden said the goal is to relieve some of the financial pressure put on borrowers because of the rising cost of tuition.
Rich Rowan said he believes something must be done and the cost of tuition is where the problem should be addressed.
"There needs to be a major change in the education system if it's burdening people that much," he said.
The burden should be relieved for student loan borrowers making less than $125,000 per year. For those who received Pell Grants, their forgiveness could be as high as $20,000.
There administration hasn't released any guidance on whether or not student loan borrowers will have to apply for the forgiveness or whether or not it will be applied automatically.