The Impact of the Student Loan Forgiveness Plan on San Diego College Graduates

SAN DIEGO (KGTV) — Student loan debt is something that can be a major financial drain for many like Kia Edwards and Tori Barron.

“Considering that I went to two private institutions, so, in fact, three private institutions, and that will get you well into the six figures. I’m well into the high six figures,” Edwards said.

“Mostly because I know friends of mine who are struggling with $20, $30, $40,000 in student loans,” Barron said.

In terms of the average federal student loan debt for those graduating from undergraduate degrees, San Diego State graduates owe nearly $15,500 in loans.

Those who graduate from UC San Diego owe $16,500. Point Loma Nazarene undergraduates owe $22,500 and University of San Diego graduates owe just over $23,000.

This is according to US News and World Report.

US economics professor Dr Alan Gin said studies show student loan debt has impacted people’s life decisions. This forgiveness can contribute to this.

“They are delaying having a family. They have to postpone buying a house or starting a business. Things like that. So this high level of indebtedness has an impact on people’s life decision. So some relief will help in terms of how society works,” Gin said.

For those like Barron who received Pell Grants, this rebate can wipe out all of their debt.

“As the rent has skyrocketed, just paying the costs and saving for a house quite frankly because we haven’t been able to,” Barron said.

It also helps ease Edwards’ stress, knowing there is some relief in store for her and her family, specifically for her and her husband’s two young sons.

“Saving $10,000 allows me to put more money into their college savings account and we’ve definitely had times when we’ve had to put those contributions on hold,” Edwards said. “And I’d like to try harder to make sure they don’t have to withdraw the same amount of money I’ve had over time.”

Outside of information from US News and World Report, Cal State University’s 2022-23 budget shows students on average getting just over $18,000 in debt. While the UC president’s office said that as of 2020-2021, students on average graduated with nearly the same amount.

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