How Student Loan Forgiveness Would Affect These 5 Borrowers
Brescia went to community college and then earned a Bachelor of Applied Science in Hospitality Management from Fairleigh Dickinson University. He has $41,000 left in federal and private student loans and is a co-signer of private loans his wife, Ashley, holds.
My very first job was getting into IHOP as a manager, and it was $38,000 a year, traveling to a different state because I just wanted to get my foot in the door. I was way behind on bills, because bills started coming in for student loans.
Even though I went to Farleigh for two years and got a scholarship, my bills were almost $1,000 a month. I don’t know how I could afford it, but I could, thank God. I had to go into a little debt on my credit card. But eventually, I continued to climb the ladder, earning more money. My degree really worked for me.
I always pay the private loans. I haven’t put a penny to the federal government yet. I know it would help tremendously, but I don’t want to pay for this now. I got my house, and that was a key factor – that I had one less bill.
My wife has a lot more debt than me, and most of it, unfortunately, is private. I think it’s above the $100,000 range. So as a household, we’re probably around $150,000.
I will say this very frankly: I am not a Biden supporter; I really am not. I’m not a big fan of politics. Yes, I could potentially benefit from this policy. But do I agree? Yes and no.
If people get help on this, I’ll be happy for them. It’s the truth. Am I afraid of the consequences of what will happen? Yeah, absolutely I am. We’re already at such a high rate of inflation and I’m very nervous – something like this could dramatically increase that rate of inflation.
But I’m afraid of the consequences of what will happen if people continue to have this debt and have no way to pay it back.