Millions of Americans breathed a sigh of relief last Wednesday when President Joe Biden announced the cancellation of up to $20,000 in federal student loans for borrowers making less than $125,000 a year. But many Americans who have already paid off their student loans felt a stab in the heart. Angie Statham, 48, of Plainfield, Indiana, started college more than 20 years ago with more than $29,000 in student loan debt, Insider confirmed. Although she says paying off the loans was “incredibly difficult”, her balance was written off in 2015. As a single mother, Statham says she worked two jobs that kept her away from her daughter for long hours. To make ends meet, he says he lived in tiny apartments, drove “cars that beat”, earned extra cash from yard sales and hardly ever took a vacation. While Statham says she’s “so happy” for everyone who will benefit from student debt forgiveness, she wishes more could be done to make college more affordable for “everyone.” She also says the Biden administration overlooked all the people like her who sacrificed to pay off their loans. As a Pell Grant recipient, she may have been eligible to have up to $20,000 of her loans canceled under Biden’s plan. “I don’t feel it’s fair for those of us who took out student loans and have sacrificed, whose children or spouse have also sacrificed, to pay off our loans in full,” she said. President Biden’s announcement of student debt relief and reform last week has sparked a wide range of responses. While many people were excited to have their debts reduced, others said the President didn’t go far enough. Some Americans — including those who took out student loans from private lenders or exceeded the income limit — felt left out, and many argued that Biden’s plan would not address the core problem of college affordability. Others, who worked hard to repay their loans, called the decision unfair. Angie Statham
“Will the government write off my mortgage?”
For Statham, it’s not just the money she put toward paying off her loan that she can’t get back. It’s the vacations, movies, and restaurants she could have enjoyed with her daughter—and the stress-free life she would have experienced—if her student debt wasn’t weighing her down. About 20 million federal student loan borrowers could see their balances disappear under Biden’s proposal, leaving twice that amount still saddled with student debt. These loans are the second largest category of consumer debt after mortgages, accounting for about 10% of total household debt. The average borrower owes nearly $30,000, but some have seen their loan balances grow — not fall — as accumulated interest costs make that debt seem inevitable for some. Statham would love to receive some sort of compensation from the government, but says that’s not going to happen and that ultimately, the cancellation sends the wrong message. “If you can’t afford to pay back a loan, maybe you shouldn’t have agreed to its terms in the first place,” he said. “Is the government now going to write off my mortgage? Is it going to give me a $20,000 tax credit? No, it’s not. Unfortunately, I think this is just another way to justify irresponsibility.”
Colleges ‘must pay back what they steal from people’
Micah Wyman, 42, of Northern Indiana, only attended college for two years, but said he helped his wife pay off about $22,000 in student loans. In order to make payments, Wyman said he and his wife put off having children until all their debt was paid off and vacations were cut. He said finally paying off all the debt after seven years was a “satisfying feeling”. Wyman said President Biden’s decision was “dictatorial” and he doesn’t believe the president has the power to cancel student debt. While the Trump administration concluded that it did not have the authority to cancel student debt, the Biden administration considered that decision to be “fundamentally flawed.” The legal issue is summarized in the 2003 Heroes Act, which gives the government the power to write off debt during national emergencies. Wyman doesn’t expect the government to reimburse him for the student loans he’s already paid off. “It should come from these colleges that have these tremendous endowments,” he said. “They’re going to have to pay back what they’re stealing from the people, just to keep the government going.” Andrew Thrasher, 35, of Indiana, says his family helped pay for college “to a certain extent,” but he left college with student debt that he has since paid off. He believes student debt forgiveness is a misuse of government resources and an attempt by Democrats to “boost poll numbers” ahead of the midterm elections. “This doesn’t solve any underlying problem with the cost of education,” he said. “And even more importantly, it doesn’t help millions of Americans who really need financial help and didn’t seek higher education.” While the details remain to be seen, President Biden tweeted Monday that he plans to hold “colleges accountable for rising costs,” indicating that additional plans to combat the cost of higher education could be launched. Rather than canceling the debt, Thrasher believes money should go toward financial education for high school students to help them make better financial decisions as adults when it comes to budgeting, saving and investing. “If we’re going to spend government money, it should be used to make progress on solving a problem,” he said. “Give a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for a lifetime.”
title: “Gen X And Elder Millennials Who Paid Off Student Loans For Debt Forgiveness Klmat” ShowToc: true date: “2022-11-01” author: “Kirsten Han”
Millions of Americans breathed a sigh of relief last Wednesday when President Joe Biden announced the cancellation of up to $20,000 in federal student loans for borrowers making less than $125,000 a year. But many Americans who have already paid off their student loans felt a stab in the heart. Angie Statham, 48, of Plainfield, Indiana, started college more than 20 years ago with more than $29,000 in student loan debt, Insider confirmed. Although she says paying off the loans was “incredibly difficult”, her balance was written off in 2015. As a single mother, Statham says she worked two jobs that kept her away from her daughter for long hours. To make ends meet, he says he lived in tiny apartments, drove “cars that beat”, earned extra cash from yard sales and hardly ever took a vacation. While Statham says she’s “so happy” for everyone who will benefit from student debt forgiveness, she wishes more could be done to make college more affordable for “everyone.” She also says the Biden administration overlooked all the people like her who sacrificed to pay off their loans. As a Pell Grant recipient, she may have been eligible to have up to $20,000 of her loans canceled under Biden’s plan. “I don’t feel it’s fair for those of us who took out student loans and have sacrificed, whose children or spouse have also sacrificed, to pay off our loans in full,” she said. President Biden’s announcement of student debt relief and reform last week has sparked a wide range of responses. While many people were excited to have their debts reduced, others said the President didn’t go far enough. Some Americans — including those who took out student loans from private lenders or exceeded the income limit — felt left out, and many argued that Biden’s plan would not address the core problem of college affordability. Others, who worked hard to repay their loans, called the decision unfair. Angie Statham
“Will the government write off my mortgage?”
For Statham, it’s not just the money she put toward paying off her loan that she can’t get back. It’s the vacations, movies, and restaurants she could have enjoyed with her daughter—and the stress-free life she would have experienced—if her student debt wasn’t weighing her down. About 20 million federal student loan borrowers could see their balances disappear under Biden’s proposal, leaving twice that amount still saddled with student debt. These loans are the second largest category of consumer debt after mortgages, accounting for about 10% of total household debt. The average borrower owes nearly $30,000, but some have seen their loan balances grow — not fall — as accumulated interest costs make that debt seem inevitable for some. Statham would love to receive some sort of compensation from the government, but says that’s not going to happen and that ultimately, the cancellation sends the wrong message. “If you can’t afford to pay back a loan, maybe you shouldn’t have agreed to its terms in the first place,” he said. “Is the government now going to write off my mortgage? Is it going to give me a $20,000 tax credit? No, it’s not. Unfortunately, I think this is just another way to justify irresponsibility.”
Colleges ‘must pay back what they steal from people’
Micah Wyman, 42, of Northern Indiana, only attended college for two years, but said he helped his wife pay off about $22,000 in student loans. In order to make payments, Wyman said he and his wife put off having children until all their debt was paid off and vacations were cut. He said finally paying off all the debt after seven years was a “satisfying feeling”. Wyman said President Biden’s decision was “dictatorial” and he doesn’t believe the president has the power to cancel student debt. While the Trump administration concluded that it did not have the authority to cancel student debt, the Biden administration considered that decision to be “fundamentally flawed.” The legal issue is summarized in the 2003 Heroes Act, which gives the government the power to write off debt during national emergencies. Wyman doesn’t expect the government to reimburse him for the student loans he’s already paid off. “It should come from these colleges that have these tremendous endowments,” he said. “They’re going to have to pay back what they’re stealing from the people, just to keep the government going.” Andrew Thrasher, 35, of Indiana, says his family helped pay for college “to a certain extent,” but he left college with student debt that he has since paid off. He believes student debt forgiveness is a misuse of government resources and an attempt by Democrats to “boost poll numbers” ahead of the midterm elections. “This doesn’t solve any underlying problem with the cost of education,” he said. “And even more importantly, it doesn’t help millions of Americans who really need financial help and didn’t seek higher education.” While the details remain to be seen, President Biden tweeted Monday that he plans to hold “colleges accountable for rising costs,” indicating that additional plans to combat the cost of higher education could be launched. Rather than canceling the debt, Thrasher believes money should go toward financial education for high school students to help them make better financial decisions as adults when it comes to budgeting, saving and investing. “If we’re going to spend government money, it should be used to make progress on solving a problem,” he said. “Give a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for a lifetime.”
title: “Gen X And Elder Millennials Who Paid Off Student Loans For Debt Forgiveness Klmat” ShowToc: true date: “2022-10-22” author: “Margaret Welty”
Millions of Americans breathed a sigh of relief last Wednesday when President Joe Biden announced the cancellation of up to $20,000 in federal student loans for borrowers making less than $125,000 a year. But many Americans who have already paid off their student loans felt a stab in the heart. Angie Statham, 48, of Plainfield, Indiana, started college more than 20 years ago with more than $29,000 in student loan debt, Insider confirmed. Although she says paying off the loans was “incredibly difficult”, her balance was written off in 2015. As a single mother, Statham says she worked two jobs that kept her away from her daughter for long hours. To make ends meet, he says he lived in tiny apartments, drove “cars that beat”, earned extra cash from yard sales and hardly ever took a vacation. While Statham says she’s “so happy” for everyone who will benefit from student debt forgiveness, she wishes more could be done to make college more affordable for “everyone.” She also says the Biden administration overlooked all the people like her who sacrificed to pay off their loans. As a Pell Grant recipient, she may have been eligible to have up to $20,000 of her loans canceled under Biden’s plan. “I don’t feel it’s fair for those of us who took out student loans and have sacrificed, whose children or spouse have also sacrificed, to pay off our loans in full,” she said. President Biden’s announcement of student debt relief and reform last week has sparked a wide range of responses. While many people were excited to have their debts reduced, others said the President didn’t go far enough. Some Americans — including those who took out student loans from private lenders or exceeded the income limit — felt left out, and many argued that Biden’s plan would not address the core problem of college affordability. Others, who worked hard to repay their loans, called the decision unfair. Angie Statham
“Will the government write off my mortgage?”
For Statham, it’s not just the money she put toward paying off her loan that she can’t get back. It’s the vacations, movies, and restaurants she could have enjoyed with her daughter—and the stress-free life she would have experienced—if her student debt wasn’t weighing her down. About 20 million federal student loan borrowers could see their balances disappear under Biden’s proposal, leaving twice that amount still saddled with student debt. These loans are the second largest category of consumer debt after mortgages, accounting for about 10% of total household debt. The average borrower owes nearly $30,000, but some have seen their loan balances grow — not fall — as accumulated interest costs make that debt seem inevitable for some. Statham would love to receive some sort of compensation from the government, but says that’s not going to happen and that ultimately, the cancellation sends the wrong message. “If you can’t afford to pay back a loan, maybe you shouldn’t have agreed to its terms in the first place,” he said. “Is the government now going to write off my mortgage? Is it going to give me a $20,000 tax credit? No, it’s not. Unfortunately, I think this is just another way to justify irresponsibility.”
Colleges ‘must pay back what they steal from people’
Micah Wyman, 42, of Northern Indiana, only attended college for two years, but said he helped his wife pay off about $22,000 in student loans. In order to make payments, Wyman said he and his wife put off having children until all their debt was paid off and vacations were cut. He said finally paying off all the debt after seven years was a “satisfying feeling”. Wyman said President Biden’s decision was “dictatorial” and he doesn’t believe the president has the power to cancel student debt. While the Trump administration concluded that it did not have the authority to cancel student debt, the Biden administration considered that decision to be “fundamentally flawed.” The legal issue is summarized in the 2003 Heroes Act, which gives the government the power to write off debt during national emergencies. Wyman doesn’t expect the government to reimburse him for the student loans he’s already paid off. “It should come from these colleges that have these tremendous endowments,” he said. “They’re going to have to pay back what they’re stealing from the people, just to keep the government going.” Andrew Thrasher, 35, of Indiana, says his family helped pay for college “to a certain extent,” but he left college with student debt that he has since paid off. He believes student debt forgiveness is a misuse of government resources and an attempt by Democrats to “boost poll numbers” ahead of the midterm elections. “This doesn’t solve any underlying problem with the cost of education,” he said. “And even more importantly, it doesn’t help millions of Americans who really need financial help and didn’t seek higher education.” While the details remain to be seen, President Biden tweeted Monday that he plans to hold “colleges accountable for rising costs,” indicating that additional plans to combat the cost of higher education could be launched. Rather than canceling the debt, Thrasher believes money should go toward financial education for high school students to help them make better financial decisions as adults when it comes to budgeting, saving and investing. “If we’re going to spend government money, it should be used to make progress on solving a problem,” he said. “Give a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for a lifetime.”
title: “Gen X And Elder Millennials Who Paid Off Student Loans For Debt Forgiveness Klmat” ShowToc: true date: “2022-12-05” author: “Sonya Taylor”
Millions of Americans breathed a sigh of relief last Wednesday when President Joe Biden announced the cancellation of up to $20,000 in federal student loans for borrowers making less than $125,000 a year. But many Americans who have already paid off their student loans felt a stab in the heart. Angie Statham, 48, of Plainfield, Indiana, started college more than 20 years ago with more than $29,000 in student loan debt, Insider confirmed. Although she says paying off the loans was “incredibly difficult”, her balance was written off in 2015. As a single mother, Statham says she worked two jobs that kept her away from her daughter for long hours. To make ends meet, he says he lived in tiny apartments, drove “cars that beat”, earned extra cash from yard sales and hardly ever took a vacation. While Statham says she’s “so happy” for everyone who will benefit from student debt forgiveness, she wishes more could be done to make college more affordable for “everyone.” She also says the Biden administration overlooked all the people like her who sacrificed to pay off their loans. As a Pell Grant recipient, she may have been eligible to have up to $20,000 of her loans canceled under Biden’s plan. “I don’t feel it’s fair for those of us who took out student loans and have sacrificed, whose children or spouse have also sacrificed, to pay off our loans in full,” she said. President Biden’s announcement of student debt relief and reform last week has sparked a wide range of responses. While many people were excited to have their debts reduced, others said the President didn’t go far enough. Some Americans — including those who took out student loans from private lenders or exceeded the income limit — felt left out, and many argued that Biden’s plan would not address the core problem of college affordability. Others, who worked hard to repay their loans, called the decision unfair. Angie Statham
“Will the government write off my mortgage?”
For Statham, it’s not just the money she put toward paying off her loan that she can’t get back. It’s the vacations, movies, and restaurants she could have enjoyed with her daughter—and the stress-free life she would have experienced—if her student debt wasn’t weighing her down. About 20 million federal student loan borrowers could see their balances disappear under Biden’s proposal, leaving twice that amount still saddled with student debt. These loans are the second largest category of consumer debt after mortgages, accounting for about 10% of total household debt. The average borrower owes nearly $30,000, but some have seen their loan balances grow — not fall — as accumulated interest costs make that debt seem inevitable for some. Statham would love to receive some sort of compensation from the government, but says that’s not going to happen and that ultimately, the cancellation sends the wrong message. “If you can’t afford to pay back a loan, maybe you shouldn’t have agreed to its terms in the first place,” he said. “Is the government now going to write off my mortgage? Is it going to give me a $20,000 tax credit? No, it’s not. Unfortunately, I think this is just another way to justify irresponsibility.”
Colleges ‘must pay back what they steal from people’
Micah Wyman, 42, of Northern Indiana, only attended college for two years, but said he helped his wife pay off about $22,000 in student loans. In order to make payments, Wyman said he and his wife put off having children until all their debt was paid off and vacations were cut. He said finally paying off all the debt after seven years was a “satisfying feeling”. Wyman said President Biden’s decision was “dictatorial” and he doesn’t believe the president has the power to cancel student debt. While the Trump administration concluded that it did not have the authority to cancel student debt, the Biden administration considered that decision to be “fundamentally flawed.” The legal issue is summarized in the 2003 Heroes Act, which gives the government the power to write off debt during national emergencies. Wyman doesn’t expect the government to reimburse him for the student loans he’s already paid off. “It should come from these colleges that have these tremendous endowments,” he said. “They’re going to have to pay back what they’re stealing from the people, just to keep the government going.” Andrew Thrasher, 35, of Indiana, says his family helped pay for college “to a certain extent,” but he left college with student debt that he has since paid off. He believes student debt forgiveness is a misuse of government resources and an attempt by Democrats to “boost poll numbers” ahead of the midterm elections. “This doesn’t solve any underlying problem with the cost of education,” he said. “And even more importantly, it doesn’t help millions of Americans who really need financial help and didn’t seek higher education.” While the details remain to be seen, President Biden tweeted Monday that he plans to hold “colleges accountable for rising costs,” indicating that additional plans to combat the cost of higher education could be launched. Rather than canceling the debt, Thrasher believes money should go toward financial education for high school students to help them make better financial decisions as adults when it comes to budgeting, saving and investing. “If we’re going to spend government money, it should be used to make progress on solving a problem,” he said. “Give a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for a lifetime.”
