Wichita students react to cancellation of loan forgiveness

WICHITA, Kan. (KSNW) — President Joe Biden announced Friday afternoon that his administration is moving forward with a new student loan relief plan.

In the meantime, some Kansas students are stressing about paying off their loans. Many of them rely on the loans for financial support.

“My family is not able to help me with any college payment right now. I’m just kind of on grants, and with the loan payments, it’s definitely beneficial,” said Wichita State Univeristy junior Alaejah Robinson.

And while the loans are needed, the reality of paying them back is approaching quickly.

“I know a lot of students try to pay it off while they’re in school, but I don’t make a lot of extra money to be able to do that. I was waiting until I graduated to start paying everything off,” explained WSU senior Emma Lippert.

Credit specialists expect the rejection of loan forgiveness to bring an influx of students needing support, especially with the pause on student loan payments expiring.

“The repayment programs are starting back up too. We’re already starting to see some of that. People are concerned about what’s going to happen, how do we make room in the finances,” said Rodney Denholm with Consumer Credit Counseling Service.

“I was really hoping we would get that,” Robinson said about the loan forgiveness, “It would definitely be beneficial for me in the long run. Especially if I don’t get into the program I want or things change. “

And while some Shockers are receiving financial aid in addition to loans, it still can’t cover the plethora of school costs.

“I don’t really get any help with school. I get help with living expenses. So I do have to take out the loans on top of the scholarships that I do have,” said Lippert.

Denholm suggests students start planning their budget now.

“Get with your financial aid office and look at how much we are going to borrow. If I was to graduate today, what kind of payments will we be looking at?” he explained.