Reactions to Biden’s student loan forgiveness plan

CHATTANOOGA, Tenn. (WDEF) — President Biden’s student loan forgiveness plan is going before the Supreme Court today. Their decision is going to affect almost 43 million borrowers.

“Every single one of us knows someone with student debt,” said Mary Jo Terry, a managing partner at a student loan company.

“The amount of college debt across the US is enormous,” she continued. “It’s really important to figure out ways so we don’t burden future generations.”

Currently, Biden’s administration is trying to implement loan forgiveness through extending the HERO’S Act.

The plan would cancel up to $20,000 of student loan debt for those eligible.

“The Hero’s Act was actually set up as a stimulus during the pandemic to assist with the repayment of federal loans. So all federal loans were ceased, you don’t have to accrue interest, repayments are not required,” Terry said. “So, the question is, will this extend through the heroes act, or will this actually need to be legislated?”

For Vanessa Moore, seeing this plan passed would be a game-changer.

“We’ve all been on the edge of our seats for months now, so to hear what’s going to happen,” Moore said. “It would be amazing if it went in our favor, if it didn’t that’s kind of life, but I’m really really hoping it does.”

Moore graduated in 2018 as a single mother.

She says she worked over 45 hours a week when she was in school, but still had to take out loans.

She’s now married, working full time, and has four kids, two of which are about to head to college.

“If I’m not paying on these student loans, I can help pay through their college,” Moore said. “The last thing you want is for your kids to start out with this huge chunk of debt. I wasn’t fortunate enough to have that help, but I would love to be able to do that for my kids.”