Ceasrine said she was happy that Biden kept his promise after the White House announced on Wednesday that it would cancel up to $20,000 in federal student debt for people who meet income qualifications.
One of the 27 million borrowers who earn under $125,000 a year are eligible to receive up to $20,000 in loan relief.
She said that it was emotional for those who went to college on a grant.
Forgiveness will affect her and two others.
Lea Ceasrine (left) and a classmate at her graduation from the Graduate School of Journalism at the City University of New York.Ceasrine used a mix of private and federal student loans to pay for her bachelor's and master's degrees.
She said that the grant was the most important thing. It would not have been possible for me to go to college without it. According to the U.S. Department of Education, more than half of the borrowers expected to benefit from the forgiveness plan are recipients of the grant.
She said that they didn't deserve a chance because their parents didn't have a lot of money.
Ceasrine was determined to keep up her payments during the Pandemic. The government will extend the payment pause on most federal student loans through the end of the year, according to President Joe Biden.
She wanted to pay down her first loan. Ceasrine had an outstanding balance of around $50,000. The balance should be less than $30,000 after forgiveness is applied.
She said that it was more manageable.
More from Personal Finance: Biden cancels $10,000 in federal student loan debt for most borrowers Biden's student loan forgiveness will cost taxpayers and prompt inflation, so here's what you need to know.
Jones said it was a game-changer for her.
Jones received a degree in political science and journalism from Temple University.
She relied on a combination of resources, including contributions from friends and family and student debt, to pay for her education.
After getting $20,000 in forgiveness, her balance would be slashed by more than half.
Jones wants to put some of the money towards a down payment on a house. She said that she was really excited.
The CEO of a political leadership program for women doesn't think forgiveness will make a difference in her $80,000 balance.
She puts between $1,000 and $1,500 a month towards her student debt payments.
The man said he wished this happened 10 years ago. It has taken a long time.
It’s been a very long journey.
The move is an important first step, according to the man.
As the leader of a young women's leadership organization, student debt has been an issue that prompt them to raise their voices, get involved in the political process, and demand change many times.
There is still a lot of work to be done to make sure young women have the financial resources to succeed. The action from the White House can't stop here.
You can also subscribe to CNBC on the internet.
All Rights Reserved © 2024
