Most Will County college students see Biden’s loan forgiveness as relief

Jefferson Cherrington, 24, of Joliet studied computer science at Joliet Junior College and is working on a bachelor’s degree.

Cherrington has $8,750 in student loan debt, which President Joe Biden’s new student loan forgiveness will wipe out – “if all goes well,” Cherrington said.

“That’s the key part,” Cherrington said. “That’s the thing with politics. Everybody’s had quite a lot to say. But until you see it happen, it hasn’t happened yet. So I’m just a little wary. We’ll see.”

‘Many schools do a good job with students to keep debt low’

Eric Wignall, vice president for admissions for the University of St. Francis in Joliet, said Biden’s student loan forgiveness won’t apply to freshmen or future students.

“It appears to be a one-shot deal,” Wignall said.

Wignall said much student debt in the U.S. is under $10,000, especially among people actually paying student loans. Some graduate students have small, unpaid undergraduate debt but not enough to delay continuing education, he said. Such students see higher education as a return on their investment for better job opportunities and higher pay, Wignall said.

“It’s not an endless cycle of debt,” he said.

Wignall said many student debt “horror stories” are about specific programs, such as law, medicine and engineering, “high-ticket programs that cost a great deal,” necessitating students to assume higher amounts of debt.

However, the average student has debt that’s less than the tuition cost of one year of school, he said.

“Many schools do a good job with students to keep debt low,” he said.

Granted, different students have different circumstances, he said. Some have small incomes and a “tremendous amount of debt,” he said. Others are faithful about repaying their debt, he added.

So is Biden’s student loan forgiveness plan a good move?

“That remains to be seen if it’s even a legal move,” Wignall said.

Kelly Rohder-Tonelli, spokesperson for Joliet Junior College, said Biden’s student loan forgiveness is “a positive development in the quest to fix large-scale issues related to college affordability” for “low-and middle-income earners and those students who qualify for Pell grants,” in short, the students who need the loan forgiveness the most.

“It’s a known fact that community colleges offer a different pathway to affordable higher education through lower tuition,” Rohder-Tonelli said in a written statement. “While we work continuously to ensure our students have access to scholarships and other financial support, they still face incredible challenges with affordability and debt repayment, particularly post-pandemic.”

‘It’s the interest that’s gotten us’

Greta Sergeant, 46, of Joliet has faithfully made student loan payments for 20 years, even during the pandemic, and increased the amount of payment when the stay-at-home mom returned to the workforce several years ago. She pays $200 every two weeks to the debt and is looking forward to some loan forgiveness.

Sergeant said she owes $23,000 of her $55,000 in student loan debt, so the forgiveness will be a huge help.

“I have no problem paying my debt,” Sergeant said. “It’s the interest that’s gotten us. There have been times our payment went more to the interest than to the debt.”

Sergeant said some people who already have repaid their student loans will “feel cheated,” and she doesn’t blame them.

“I just know this will help me,” Sergeant said. “And we need it.”

‘I knew what they cost when I accepted them’

Heidi Miller, 49, of Shorewood has $100,000 in federal student loans – and her children have loans, too. Her son, 28, studied law and has $150,000 in student loans. Her daughter, 23, has $36,000.

Miller said both children have paid on their private loans but not their federal ones yet because they’re “trying to start their lives.”

“The private loans are pretty expensive,” said Miller, a nurse practitioner, who earned her master’s degree in 2020.

Miller said her employer gives her $10,000 a year toward that debt. Her previous one provided $2,500 to $5,000 before she went back to school for her master’s degree.

She said Biden’s student loan forgiveness plan won’t make a significant difference in the amount she owes, and she never expected to receive credit for any of it. Miller said the 7% interest is a little high but that didn’t surprise her.

“I knew what they cost when I accepted them,” Miller said.

Perfect timing

Hannah Lancaster, 23, of Naperville majored in social work at Lewis University in Romeoville and is working on her master’s degree at Lewis with the goal of becoming a clinical therapist.

Lancaster said she will have $40,000 in student loan debt when she graduates, even though she works as a graduate assistant at Lewis, which covers 75% of her tuition.

She said having $10,000 to $20,000 forgiven is a huge help, especially if the forgiveness “was used in the right way,” because the student loans for her master’s degree are accruing more interest than the student loans for her bachelor’s degree.

Lancaster said she’s also engaged and her fiancé has student loan debt, too. She said Biden’s announcement “came at the right time.”

“I am very happy about it,” Lancaster said.