Biden’s student loan forgiveness: Americans frustrated with rising college costs weigh in

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Student loan forgiveness is worth the cost, but the price of college is too high, Americans say

WASHINGTON, D.C. – Some Americans frustrated with the rising cost of college tuition told Fox News they still believe President Biden’s multi-billion-dollar student loan forgiveness plan is worth the price.

"I think it's worth it," Paula, a retired community college professor, said of Biden's student loan forgiveness plan. "The price of college is way too high for everybody. For all classes of people, it's way too high."

Jorge, a Dallas resident visiting D.C, said he wished his student debt was forgiven before he paid off his loans, but that he sees it as a temporary solution to rising college prices.

"How is it going to help anybody in the future that wants to go to school?" Jorge asked. "And then how do you bring the cost down?" 

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Student loan borrowers stage a rally in front of the White House to celebrate President Biden canceling some student debt. (Paul Morigi/Getty Images for We the 45m)

"That's really the main thing - how do you bring the cost down," Jorge continued.

Biden announced a plan last week to use taxpayer money to pay off up to $10,000 of student debt per borrower for those making less than $125,000 per year and $20,000 for Pell Grant recipients below that income level. The initiative will cost about $500 billion, the Committee for a Responsible Federal Budget estimates.

"I don't think that we should be having students that want to further their education come out with so much student debt," Sarah told Fox News.

One man, Rick, told Fox News that college prices are "absolutely" overpriced. Despite having paid off all of his loans, he said he's "happy that anybody got a break."

But Rick also questioned "how that's going to help the future" generations of students.

"Hope there's more in the plan," he added.

The average tuition and fees increased 1.6% for public four-year in-state colleges in Fall 2021, while private four-year colleges went up 2.1%, according to the College Board. And since 1980, undergraduate college costs have increased 169%, according to a report from Georgetown University. 

Prospective students tour Georgetown University's campus. ((AP Photo/Jacquelyn Martin, File))

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"Cost me $10,000 to go to four years college," Jane told Fox News. "Now it costs going on $100,000."

But she said a college education is still worth the price. 

"We spend a lot of money on a lot of things," Jane said. "Education is one of the top things I think we need."

"An educated public does us much better than an uneducated public, no matter what level the education," Jane continued.

Norm proposed an alternate solution to Biden's plan.

"Before you even got the debt give everybody a $10,000 scholarship," he said.

Another man, Peter, said: "I keep on thinking about all the people who paid their loan back and then all of a sudden there's this gift to some other people. I'm not sure there shouldn't have been some other criteria attached to it."

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LaShawn says he chose to go into the military because college was too expensive.  (Fox News Digital/ Jon Michael Raasch)

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LaShawn said he supports student loan forgiveness because no one should spend their entire life paying for their education. He said he may have gone to college had forgiveness been on the table when he was applying.

"I'm one of those that could not afford to go to college," LaShawn said. "I went in the military so that I could find my way in life."

"However, if I did have the opportunity and I could afford it, I would have went to college," he continued.