ST. PETERSBURG, Fla. — As student loan repayments restart this month, millions of Americans who have student loan debt are now faced with having to figure out how to work those costs back into their budget.
El Chesson’s journey with higher learning isn’t one that’s unfamiliar.
“I had to work full time the entire time, I couldn’t just afford to go to school,” Chesson said. “So I racked up quite a bit of student loan debt. Probably like $40,000.”
Now a full-time worker with a degree, Chesson says many people have needed student loan repayments paused just to survive.
“Everything is going up, the rent’s gone up, my rent’s gone up,” Chesson said. “The price of food has gone up… so with the payments being put back into place, where’s that money going to come from?”
President Joe Biden announced Wednesday that an additional 125,000 Americans have been approved for student loan debt after changes to federal forgiveness programs.
“They can think about buying a house, they can start a business, they can be starting a family. This matters to their daily lives,” Biden said.
The president said this would be good for those who have been financially crippled by the loans, but also for the economy overall.
While loan forgiveness has been expanded, graduates like Chesson say they simply cannot afford another bill. Chesson is calling for more action at a federal level.
“There is a nationwide grassroots union called The Debt Collective, and I’m really interested in what they’re pushing for,” Chesson said. “Which is that Biden and the Department of Education cancel all student debts.”
As repayments resume, Chesson is hoping relief is on the way.
“Housing is a human right, education is a human right, healthcare is a human right, and no we shouldn’t be drowning in debt as a result of getting our basic necessities,” Chesson said.
The Biden Administration has previously said that they are working to start a process of waiving or releasing more student loans under a law known as the Higher Education Act.
That process is expected to face legal challenges.