President-elect Joe Biden’s student debt cancellation proposal is good news for Houston student Andrea Sanders

HOUSTON, Texas (KTRK) – President-elect Joe Biden is preparing to take office next week. He has before him not only the tasks of reviving the US economy and ending the COVID-19 pandemic in the country, but also his plan to help ease the burden of student loans for many Americans.

Houston Community College student Andrea Sanders is just one of millions of these Americans. She has nearly $ 40,000 in student loan debt and is now hoping after hearing about Biden’s proposal to write off at least $ 10,000.

“It would be great. It would be a huge help to my family,” she said.

Although the proposal is part of Biden’s presidential campaign, full details were not disclosed.

University of Houston economics chair Dietrich Vollrath said Biden’s plan was worth around $ 1 trillion.

“By suddenly forgiving, the president would cancel it today instead of canceling it over the next 15 years,” Vollrath said. “So in that sense it may be less of a tax hit than people think.”

Vollrath adds that most people affected by high student debt also tend to be hit hardest by the pandemic.

“There are a lot of people living with this threatening them, and they’re trying to make that payment and also pay the rent and the car and also pay the bills, so that would be a huge relief for a lot of people,” he said.

For Sanders, that means money she can set aside for the future.

It’s $ 10,000 that I wouldn’t have to spend and $ 10,000 that could be put in other places in my life, like buying a house or doing something for my children for their future, “he said. she declared.

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