A car dealership employee is hoping she can return to community college with a clean slate. An operations manager is wondering whether he might be able to afford to buy a home. And a customer service representative is facing the bitter reality that she may never escape her decades-old debt.
They are among the millions of people nationwide, many from low-income families, who borrowed money for college but did not receive a four-year degree. If the debt forgiveness plan announced last week by the Biden administration comes into effect, some of their balances could be wiped away.
While that relief could change the lives of some borrowers, it may do little to address the intractable problem of soaring college costs.
tens of millions of people, that promise has proved elusive.
details and the potential for legal challenges. And some have begun looking toward the future through the lens of their hard-won experience, wondering: Could loan forgiveness bring old college dreams within reach? And is higher education worth the cost?
“Is it worth it? Yes! Absolutely, absolutely — if you’re going to use it,” said Shantoya Smith, 39, a Pell grant recipient in Detroit with tens of thousands of dollars of debt and a plan to pursue a bachelor’s degree.