Community Leaders Speak About National Student Debt

 

 

ROCK HILL, S.C. (CN2 NEWS) The pause on student loan payments has been extended through the end of September 2021. Now, our country’s lawmakers are starting conversations about forgiving student debt.

This year Forbes released its annual student loan statistics showing on average American’s carry nearly $40,000 in student loan debt — school costs are on the rise.

Dr. Jeannie Haubert, Department Chair at Winthrop University, says, “So, state universities came from the idea that students could go to school for free, or for a very low cost tuition, and now that’s just not the case.”

Now, U.S. leaders are having conversations about forgiving student debt. York County leaders say student debt is more than just a monthly payment but can also stifle generations ability to thrive. Part of the liberal party wants to see $50,000 of forgiveness while the President has a different approach.

Democratic Party of York County Chari, John Kraljevich, says, “Joe Biden has taken a different attitude, he said that he’s comfortable for giving up to $10,000 in debt, which, obviously doesn’t help as many people, but he’s also stated on the record that he’d like to make it so that college education isn’t a profit base for banks and financial institutions anymore. He’d like to see that go to and no interest model.”

Since 1986 Williams and Fudge has collected student loan receivables for college and universities across the U.S., along with other programs. Leaders say with the current cost of education paying for school can be a challenge for the average American family.

Bob Perrin, CEO of Williams & Fudge, says, “Well there’s still a large majority of students that receive some type of aid during college. It can be federal, it can be private, it’s roughly around 13% of those who borrow, also receive private student loans but it’s a high percentage of it… it’s close to 60, 70% of the students receiving some type of aid.”

Eduardo Prieto, Winthrop University’s Vice President for Access and Enrollment Management, says, “I think we all know that public or state supported funding for publicly supported universities has gone down on average across the country. It’s not too different than in some cases where you hear businesses cost the increased cost onto customers well in this case obviously the customers are the students in general and sell as cost 10 to go up and institutions public and private, for a number of reasons, can’t get passed on. Right? So there’s a decrease in funding then those costs get passed on in this case particularly they can be passed on to the students and families.”

Continuing to pay for state school education in her household Winthrop Department chair, Jeannie Haubert, says she sees how loans affect the generations.

“We still have the shackle of those previous loan is making it difficult to save right? And so that’s what I see happening with this generation as well except for they are also working…They have jobs outside and still wind up having that generational shackle which is going to make it difficult for them to buy houses, take vacations, see you for their own kids college education when the time comes for that.”

In the video above, CN2’s Rachel Richardson is speaking with political and education leaders about student loans and what forgiveness could mean.

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