President Biden announced his new student loan forgiveness program on Aug. 24.  This program was created to help those students who are currently struggling with college debt. Many students have been stressing over student loans for years now, having to pay not only that amount back but also with interest. 

After Biden announced his new program, many college students that have student debt looked into the requirements and details in order to apply to the program. This program sparked interest in many college students who are currently struggling with paying off student loans.

Along with the Department of Education and Vice President Kamala Harris, Biden decided to make this program for those students who are currently struggling with student loan debt from the pandemic years. The program can forgive up to $20,000 with Pell Grant recipients. Eligible students without Pell Grant will get the opportunity to have $10,000 forgiven. This program is targeted towards low- and middle-income students, with one of requirements being that your household income must be between $25,000 and $250,000. Students have until Dec. 31, 2023 to submit an application.

Even though this is good news for current student borrowers who already have loan debt, it won’t necessarily affect future borrowers. 

“I wouldn’t encourage any students to take out loans now hoping that they’ll be forgiven in the future,” said Robert Manson, Financial Aid Associate at Santa Ana College.

Some students believe that priority should be given to those who have more debt with less ability to pay it back. 

“I think the government should put the students who are the most in debt priority to get loans forgiven,” said an anonymous college student.

Manson, who will be referring students to the application process, thinks everyone who would be eligible should apply.

“I think everyone should take this opportunity to try and get their loans forgiven since this is a one-time thing,” he said.

Note: On the day this article will publish, the federal loan forgiveness program is on hold.  Lawsuits have been filed that have blocked the program at this time.