Minnesota college students and their families are feeling a bit of relief after the White House unveiled President Biden's plans for student loan debt relief.
The plan would eliminate up to $10,000 in federal-loan debt for individual borrowers with annual incomes of under $125,000, or couples who earn less than $250,000.
The plan is expected to benefit the majority of the more than 43 million people in the U.S. who hold a total of $1.6 trillion in student-loan debt.
"This is exciting," said Sergio Madrid, new special education professor at Augsburg College in Minneapolis. "Especially for under-served students from poor communities, students of color, where the rates of completion are low compared to other demographics. So I think it's going to be very helpful for them."
Cassie Charles is a disability specialist at Augsburg. She echoed Madrid's concerns about inclusion.
"I think students will really appreciate being able to have the opportunity to have loans forgiven,” says Charles. “I hope it takes into consideration for all student’s needs."
Students moving into dorms are also pleased.
"It's about time," said Carlos Olivera. “Because it's been talked about it for some time and we are finally seeing some movement. It's been a problem for a while, so it's nice to see a first step towards that."
Tim Speikaers is helping to get his 18-year old daughter moved in.
"We've got four in college," he said. "She's moving in with her older sister, and her twin sister is at St. Thomas. And my wife just started graduate school."
He said he made of point of insisting the girls all worked and saved some money to contribute to their own education, but added the loan forgiveness program could still be helpful.
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