By Jaycie Doerr, Editor-in-Chief
MACOMB, IL – President Biden recently announced his loan forgiveness plan, but the implementation of this plan is yet to be revealed.
Roberta Smith, Director of Financial Aid, says not much has been announced other than the plan to make a plan. “What we’ve got is very similar to what came out from the White House,” Smith said. “There is still a lot of detail that needs to come out as far as the application process.”
Students who will be eligible for this program are any students who have loans borrowed prior to June 30, 2022. This means any Western Illinois University students who had debt from previous years are able to receive money back. This is not a continuous program, though, so any freshman or future college students will not have the same opportunity.
Smith explained that any Pell Grant student is eligible for up to $20,000 in loan forgiveness. If a student or graduate owes less though, then only that amount will be forgiven. “They’re not going to get a refund,” Smith said. “If they owe $10,000 but are eligible for $20,000, they’re not going to get a $10,000 refund from the Department of Education.”
The best way to get information about President Biden’s loan forgiveness plan is to go to StudentAid.gov and sign up for email notifications. There is a lot still up in the air about this new program. However, the money is assured to those who owe loans.