Reaction from Vermonters on Wednesday was a mix of excitement and skepticism as President Joe Biden announced he was fulfilling his campaign-promise to help cancel some student debt.The President’s plan will cancel $10,000 for borrowers who make under $125,000 a year. People could also see another $10,000 canceled if they are Pell Grant recipients. Federal loan repayment is also being stalled one more time until Dec. 31. The White House is promising that applications for this loan forgiveness will be available before payments start back up.”I would definitely say it’s a good first start,” Isabelle Smith, a junior at the University of Vermont, said. “I’m hopeful. I’m a little nervous I guess since it’s not totally clear, I’m not sure if I would qualify or not.”Smith just transferred to UVM. The Burlington native said her federal loans feel like a huge weight on her shoulders.”I’m starting to think more about where I’d like to live and the things I’d like to do. I definitely feel like I have to be pretty cautious and I can dream as wildly as I would’ve hoped,” Smith said. “Just having some of that debt lifted really helps people feel like they can make a new start for themselves the way they’re supposed to feel when they finish college.”Vermont’s Congressional Delegation reacted to the news on Wednesday.Sen. Bernie Sanders, (I) Vermont: “The president’s decision today to reduce the outrageous level of student debt in our country is an important step forward in providing real financial help to a struggling middle class. Today’s announcement to reduce up to $10,000 in student debt for working-class Americans and up to $20,000 for Pell Grant recipients will eliminate student debt for some 20 million Americans and reduce debt for some 43 million. The result of this decision is that millions of Americans will now be in a better position to start families, or buy the homes and cars they have long needed. This is a big deal.“But we have got to do more. At a time of massive income and wealth inequality, education, from pre-school through graduate school, must be a fundamental right for all, not a privilege for the wealthy few. If the United States is going to effectively compete in the global economy we need the best educated workforce in the world, and that means making public colleges and universities tuition free as many other major countries currently do – and that includes trade schools and minority-serving institutions as well. In the year 2022, in the wealthiest country on earth, everyone in America who wants a higher education should be able to get that education without going into debt.”Sen. Patrick Leahy, (D) Vermont:“I commend the President for proposing a way to help people with student debt. At home in Vermont, UVM for instance has recognized these challenges and refrained from tuition increases for the last four years while our state colleges strive to provide affordable access to higher education for Vermont’s students. The cost of higher education has become unsustainable for most Americans. Many find themselves saddled with high amounts of student loan debt. Too often I hear from Vermonters who have taken out a second mortgage on their house or who are working at a second or third job to pay off their student loans. I know that many have been working for years – and even decades – only to make a dent in the principal amount owed due to high-interest rates. It is heartbreaking to hear the stories of those who have put off important life decisions, such as having a child, because of their student loan debt. This is a pervasive and unacceptable experience that Americans face in this country.”Rep. Peter Welch, (D) Vermont: “Cancelling some student loan debt for millions of hard-working Americans will help them thrive. It’s going to help working families afford more of what they need by getting them out from under a mountain of debt.””But this is the first step to solving our college affordability crisis, not the last. We need to lower the cost of college in the first place. That means expanding Pell grants, boosting community colleges, and working with states to achieve debt-free college.”
Reaction from Vermonters on Wednesday was a mix of excitement and skepticism as President Joe Biden announced he was fulfilling his campaign-promise to help cancel some student debt.
The President’s plan will cancel $10,000 for borrowers who make under $125,000 a year. People could also see another $10,000 canceled if they are Pell Grant recipients.
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Federal loan repayment is also being stalled one more time until Dec. 31. The White House is promising that applications for this loan forgiveness will be available before payments start back up.
“I would definitely say it’s a good first start,” Isabelle Smith, a junior at the University of Vermont, said. “I’m hopeful. I’m a little nervous I guess since it’s not totally clear, I’m not sure if I would qualify or not.”
Smith just transferred to UVM. The Burlington native said her federal loans feel like a huge weight on her shoulders.
“I’m starting to think more about where I’d like to live and the things I’d like to do. I definitely feel like I have to be pretty cautious and I can dream as wildly as I would’ve hoped,” Smith said. “Just having some of that debt lifted really helps people feel like they can make a new start for themselves the way they’re supposed to feel when they finish college.”
Vermont’s Congressional Delegation reacted to the news on Wednesday.
Sen. Bernie Sanders, (I) Vermont:
“The president’s decision today to reduce the outrageous level of student debt in our country is an important step forward in providing real financial help to a struggling middle class. Today’s announcement to reduce up to $10,000 in student debt for working-class Americans and up to $20,000 for Pell Grant recipients will eliminate student debt for some 20 million Americans and reduce debt for some 43 million. The result of this decision is that millions of Americans will now be in a better position to start families, or buy the homes and cars they have long needed. This is a big deal.
“But we have got to do more. At a time of massive income and wealth inequality, education, from pre-school through graduate school, must be a fundamental right for all, not a privilege for the wealthy few. If the United States is going to effectively compete in the global economy we need the best educated workforce in the world, and that means making public colleges and universities tuition free as many other major countries currently do – and that includes trade schools and minority-serving institutions as well. In the year 2022, in the wealthiest country on earth, everyone in America who wants a higher education should be able to get that education without going into debt.”
Sen. Patrick Leahy, (D) Vermont:
“I commend the President for proposing a way to help people with student debt. At home in Vermont, UVM for instance has recognized these challenges and refrained from tuition increases for the last four years while our state colleges strive to provide affordable access to higher education for Vermont’s students. The cost of higher education has become unsustainable for most Americans. Many find themselves saddled with high amounts of student loan debt. Too often I hear from Vermonters who have taken out a second mortgage on their house or who are working at a second or third job to pay off their student loans. I know that many have been working for years – and even decades – only to make a dent in the principal amount owed due to high-interest rates. It is heartbreaking to hear the stories of those who have put off important life decisions, such as having a child, because of their student loan debt. This is a pervasive and unacceptable experience that Americans face in this country.”
Rep. Peter Welch, (D) Vermont:
“Cancelling some student loan debt for millions of hard-working Americans will help them thrive. It’s going to help working families afford more of what they need by getting them out from under a mountain of debt.”
“But this is the first step to solving our college affordability crisis, not the last. We need to lower the cost of college in the first place. That means expanding Pell grants, boosting community colleges, and working with states to achieve debt-free college.”
