President Joe Biden is expected to announce Wednesday whether or not he will cancel thousands of dollars in federal student loans for every borrower making $125,000 or less, and is also expected to extend a pandemic loan pause.
If he moves forward with canceling such debt, millions of Americans will get a sigh of relief. This includes San Jose State University students.
Some students told NBC Bay Area they are drowning in debt and can barely afford to pay gas, rent and food. They said the possibility that $10,000 in federal loans could be forgiven would ease their financial stress.
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"It would definitely help being able to pay for rent and not worry about student loans," said SJSU student Annemarie Garcia.
However, not everyone thinks the move would be a good idea.
Marc Goldwein with the Committee for a Responsible Federal Budget said "its inflationary and expensive for the government and it undermines the gains of the inflation reduction act just signed into law."
