Emma Bennett—Staff Writer

What are the top things most college students love to complain about? Homework load, lack of sleep, and tuition. It is stressful to suddenly be responsible for one’s finances, and many American households do not have the security to offer help to their college-age children. President Joe Biden has recently implemented a change in student loans that should help struggling young adults in school.

On Aug. 24th, Biden announced his plan to forgive students $10,000 in loans, or up to $20,000 if they have received Pell Grants, which are federal grants given to undergraduate students who display exceptional financial need. This program applies to students who earn less than $125,000 dollars a year, or married couples who earn less than $250,000. The loans that qualify include graduate and undergraduate loans, federal student loans, and even some FFEL (Federal Family Education Loan) and government loans.

The application to qualify for this aid will be available in early October. Officials encourage applicants to submit their application by November 15 since there will be at least a four-week turnaround, and the loan repayments begin in January. However, the application will be available all year long.

This is great, since tuition seems to be on the incline for an already struggling demographic. However, according According to the Washington Post, this may prove disappointing for those who took advantage of the loan pauses enacted during the Covid-19 pandemic.

This also creates a potential loophole in the president’s plan, in which one could ask for a refund of the loan they had already paid, then apply for the forgiveness and voila! Some of that pesky debt is gone, on top of the person getting their money back. While it is inevitable that a sizable chunk of the American population will try to take advantage of this, not all refunds filed will be approved, and the Washington Post argues that the ones who will do this need the money the most and should be shown grace.

In general, Biden’s plan to assist college students in managing their debts is certainly a positive step forward, and should be fully taken advantage of by those in debt. The loan application—whether it is set to be released in October or later—will be made available online at StudentAid.gov.