How 10 student-loan borrowers are coping with the highs and lows of Biden's debt relief announcement
2 people whose entire student-debt loads will be wiped out due to Biden's announcement talk about what's next for their futures: 'I get to not worry about losing my home'Jamie Horak and Aidan Smith — two student-loan borrowers — were rejoicing just days after Biden made his debt relief announcement.
Meet a professor who qualifies for Biden's student-loan forgiveness but still has years of repayment to go and feels 'disheartened' the relief wasn't bigger: 'There's this looming sense of hopelessness'For Nick Garcia, 42, Biden's student-debt relief was bittersweet. Still, with Biden framing this loan forgiveness as"one-time" relief, Garcia is concerned that"it sends a message that the fight is over."
That seemed like a pretty good deal to her at the time, so she made that switch, but she was never told upfront that doing so would mean losing her federal benefits, like debt relief. Reforms to the program, like allowing past payments to count toward forgiveness progress, expired on October 31, and Nathan — a PSLF borrower — wanted MOHELA to confirm his payments were qualifying. It ended up being a lengthy ordeal.
Cabreira's student loans are federal loans managed by private banks within the Federal Family Education Loan program. While borrowers with those loans initially had the option to consolidate their debt into the direct federal loan program, the stated that past that date, FFEL borrowers cannot consolidate, and therefore, will not be eligible for Biden's one-time student-debt relief.
But the lawsuits that blocked the relief didn't reflect"the American dream that we were promised coming over," Lopes said. Since Biden announced the loan forgiveness, Matthew said he was skeptical it would ever come to fruition, and he wasn't surprised once the lawsuits started to mount.
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