After President Biden announced his plan to cancel up to $20,000 of student debt for eligible borrowers, we asked this team how this policy will affect them.

Readers like you sent in a wide range of answers — and we wanted to share a few of them with you below:

“As a Pell Grant receiver, this new student debt cancellation plan will hopefully clear me of my public student loans! I hope to see more action taken for those who are further buried in debt, as well as action to decrease the cost of college and control the loan interest rates.”

“I was raised with the idealism that if you ‘Do everything right, go to college and get a degree, the world is your oyster!’ and I did just that. Went to undergraduate school in-state, and worked as a special education teacher (Emotional and Behavioral Support for K-4th grade) and tried for years to get a position at a good school district. I made $29k a year and was $35k in Student Loan debt. I went on to get my Master’s and many certifications in Education to hopefully land the district job I’d always dreamed of having. I taught for 11 years, and barely put a dent in my loans. I didn’t have a supportive family, and was trying to do life on my own. I had a baby, got married and we wanted to buy a house but I didn’t qualify to be on the mortgage because of the Student Loans (despite my husband being a Veteran!) With this relief and the PSLF, I’ll get a second lease on life at 37 and not feel completely hindered and stunted by these loans. I want to save up money for our daughter’s future education, and now I feel we can finally do that. I never want her to have to take out loans to pay for school for the promise of a better future! I feel an incredible weight lifted, and that we can really begin to move forward and make progress.”

“I've been paying on my student loans since 2007. I've never missed a payment. But because I have been on an income dependent repayment plan, I've never paid more than the interest. The principal hasn't gone down. I've worked in the nonprofit sector since graduating, and haven't made a lot of money. I didn't qualify for the public servant forgiveness because my specific loan type was discontinued by the government and not included in that program — a technicality. I cried when I read the news. My entire balance will be forgiven. ”

“I have $80k in student debt. I am 45 years old. I am an adjunct professor at Massachusetts College of Art and Boston College. I did have Pell grants so I assume I will have 1/4 of my student debt erased. The change this makes for me is that I now see it as a possibility that my student debt will not outlive me. I don’t see it as a strong possibility, just a possibility. Before this relief I did not see any possibility that I would outlive my student debt. It’s a good start. I look forward to future solutions that make higher ed affordable for all.”

“My husband and I will have 2/3 of our loans forgiven (we're in our early 40s) and have a plan to pay off the rest by the end of this year. Thank you for pushing on this! We are able to breathe lighter.”

“I paid off my student debt almost a decade ago. That was the benefit of my education choices, federal and local scholarships, a frugal lifestyle graduating right after the '09 crash, and a fair amount of luck. But I know many classmates, family members, and others who would benefit from this program, and having this debt forgiveness will bring them significant financial security; maybe even enough to afford a mortgage! ”

“This will help me a lot. I owe 30,000 in student loans and I may qualify for the 20,000. If I do I can focus on saving for a house, which is something so hard to accomplish for the low income community. Thank you to everyone who fought for this. I now see a better future for my family and me.”

“This cancellation is LIFE CHANGING for both my fiancé and myself. We can now afford to look at homes and start our family planning journey. Tears of joy were shed and we are so proud to have supported this president. THANK YOU for fighting the good fight for us all”

“I was over 45 before I managed to pay off my student loans so this no longer affects me but it is a boon to my grandchildren for which I'm so grateful. Maybe they'll have an earlier start on marriage, buying a home, and having children.”

“My husband and I are 64 and 65 years old and still paying PLUS loans for our 33 year old and 26 year old kids’ undergraduate educations. I think this debt cancellation will mean our loans for our daughter are paid off, and our loans for our son are $10K less. This will make it more possible for us to afford to retire in a year or two. Thank you!”

“This will not help me personally, but as someone who graduated from a California State University at a time when tuition was about $100 per semester, I am all for helping those whose education was unreasonably expensive. If we can subsidize millionaires, billionaires and big corporations, we can subsidize students!”

“It doesn't affect me, as I no longer have student loans. But not that long ago I did, and I can't even convey the gravity of hardship that it caused. I'm glad to hear others will have a better opportunity to move forward successfully, rather than stagnate in a situation with no solutions.”

“I'm really, really happy for these millions of people. I know it will be life changing for so money. Unfortunately for me and those I'm closest to it feels like a drop in the bucket. With advanced degrees we still have more than $100-150k in loans, which is crushing. But thank you so much for continuing to work to help us!”

“I’ve been trying to pay off my grad loans for 10 years, and with the interest freeze since 2020, I was finally able to start paying off the principal. This forgiveness fully wipes out the remainder of my balance, and I am now debt free for the first time in my adult life. I burst into tears when the announcement came out, and I feel like I can finally start planning for my financial future. I am so grateful to be able to move on from decisions made at 22.”

We also heard from a lot of readers wanting to simply learn more about how to get this relief. To get cancellation relief, you’ll have to submit an online application with the Department of Education. This is expected to launch in early October 2022 — but you can be ready ahead of time, by going to www.ed.gov/subscriptions [[link removed]] and signing up for email alerts so you’ll be notified when the applications are live.

Be sure to tell your friends, family, and colleagues how to sign up and get notified when relief applications are available — we’re in this together!

Elizabeth is going to keep up the fight to make sure families get all the relief they need, and to reform our higher education system to put a high-quality and affordable education within reach for everyone.

Thanks for sharing your stories — and for being a part of this movement,

Team Warren

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