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Virginia Tech students respond to moratorium on student loan relief ending February 1
BLACKSBURG, Va. (WFXR) – Time is running out and now millions of Americans are going to experience a rude awakening as they will have to start paying off their federal student loans on February 1, 2022.
In March 2021, payments were suspended due to the pandemic.
Many critics of President Biden’s announcement that the moratorium on student loan relief will end soon say they wanted the hiatus extended – or even the loans canceled altogether.
“It’s overwhelming. I’m upset and I’m sure there are thousands of students in America who are upset and disappointed. Many thought they were going to get help. Now they have to pay everything back, ”said Danielle Felder, a student at Virginia Tech.
Other students say young people elected President Biden because of his student loan forgiveness promise.
“When they voted they were asking for a lot of things that young people really wanted, like health care, cancellation of student loans and jobs. Coming back to that is really bad because young people are going to vote again, and that is going to affect the next election, ”said Betty Demissie, a student at Virginia Tech.
Student debt stands at $ 1.75 trillion, and during his presidency so far, Biden has written off nearly $ 170 billion.
According to research center The Brooking Institute, it would cost $ 1.6 trillion to cancel all student loans.
Virginia Tech political science professor Dr Karen Hult says it’s unfair to put this kind of pressure on the president.
“To imagine somehow that there would continue to be a forgiveness of all student loans was probably unrealistic. So I think it’s important to think about the big picture, which is difficult when you owe all that money, ”Hult said.
She adds that one of the president’s goals is to put money back into the economy, which means that in the near future the president might forgive more.
“You can now imagine, for example, putting together packages to focus on primary providers, health care providers and other types of people who may need help with their student loan debt,” Hult said.
However, when it comes to the president’s approval rating, Dr Hult says it shouldn’t be surprised if it continues to drop. He is in a situation where expectations were high.
Many government officials on Capitol Hill are asking him to reconsider his decision.