July 21, 2024

A new round of student loan forgiveness. Do you qualify?

(KELO) — Hundreds of lucky people in KELOLAND are likely getting letters saying their student debt has been erased. President Biden announced another round of debt relief to make higher education more affordable. The new plan forgives $1.2 billion in debt for around 153,000 people with student loan balances.

“While a college degree is still a ticket to a better life, that ticket is too expensive,” said President Biden.

Those who qualify are people with federal loans who signed up for the SAVE program and have been paying on their loans for at least ten years.

Seth and Kailee Swedlund of Brookings don’t qualify for this round of student loan help, but welcome the idea.

“We both have student debt; I know I would be very thrilled if it suddenly got erased. That would be awesome,” said Seth.

“Extremely. Yes, it would be a privilege not to have to pay that each month and then have that burden of trying to get it paid off to afford other aspects of life,” said Kailee

The latest figures show the average annual in-state college tuition in South Dakota was $11,449 in 2022. Dawson Hasty has his 4 year degree and wonders about the cost verses the benefits.

“A bachelor’s degree or associate’s degree is seen as a bare minimum for a lot of work today,” said Hasty, “So I’m not sure a whole lot of people think about the cost. It’s just kind of a natural progression right, hey, I finish high school I go to college or I need to advance my career, I go to college and so with that, it does rack up the cost. Right? I think a lot of people look back and say was it all worth it but at the same time what choice do people have.”

If you have student debt, it may be worth the time to sign up for the SAVE program. Even if you don’t qualify for relief now, you could later, or the program could lower your monthly payments.

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