LUBBOCK, Texas — President Biden announced on Wednesday his three part plan to forgive student debt.

This would be the nations largest forgiveness policy to help over 43 million Americans.

President Biden said this would “provide more breathing room for people so they have less burden by student debt… It focuses the benefit on middle class and working families.”

You qualify for this if:

  • If you earn less than $125,000 a year
  • $20,000 : If you attended college on any Pell Grants
  • $10,000: If you attended college without Pell Grants
  • For undergradute loans you will be able to cap repayment at 5% of your monthly Income

With this announcement, the White House said private and public college tuition has tripled. Texas Tech students told KLBK news they think this is something well done.

“It could be good for a lot of people…” Claire Juenke, Freshman at Texas Tech University, said.

“…It is hard here in college, my mom, she has three kids now here in tech. And it is it is hard to get her to pay for classes and everything. So I think that’d be good. Just to just to strictly lower the stress about how high payments are,” said Emma Contreras, Sophomore at Texas Tech University.

“I’m kind of excited about it. Because I know like me and my family, we have like a lot of student loans. And I know that’d be like a big burden, just like taking off our shoulders. And so I’m just hoping that it all just works out in everybody’s favor,” said Maeva Biyouan, Freshman at Texas Tech University.

President Biden also extended the pause on student loans one final time until December 31st.