On college campuses across South Florida, students on the verge of entering the workforce are making new calculations about their financial future.
“Rent is a couple thousand, and all that, plus all the materials, driving, gas, keeping my car maintained,” said Jordan Wood.
“I feel bad for people who aren’t able to pay off their debts,” added David Cao-Pestana.
This after President Biden’s announcement on Wednesday that most borrowers of student loans would see $10,000 dollars of their loans wiped clean.
“All this means is that people can finally start to crawl out from that mountain of debt,” Biden said.
Pell Grant recipients could see their burden reduced by $20,000.
While those who could benefit from the measure have been praising the president, Republicans, particularly Florida Gov. Ron DeSantis, is railing against the move, calling it a giveaway to the country’s highest earners.
“He does not have the constitutional authority to do this,” DeSantis said. “It’s very unfair to people who took other pathways in life that didn’t require them to take out a lot of loans.”
The governor blamed universities for the student debt crisis, saying they promote useless degrees that don’t provide a return on investment.
“The people that should pay for it, it shouldn’t be the American taxpayer; it’s the university that should be responsible,” DeSantis said.
The plan is expected to cost the federal government $244 billion, but with average student loan debt at $40,000, many are saying it still won’t be enough.
“It’s ok, it could be a lot better,” said Wood.