SAN DIEGO (KGTV) - Student loan debt is something that can be a major weight financially for many like Kia Edwards and Tori Barron.
“Considering I went to two private institutions so, actually three private institutions, and so that’s going to 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 grand worth of student loans,” Barron said.
When it comes to the average federal student loan debt for those who get their undergrad degrees, graduates from San Diego State owe closer to $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 a little more than $23,000.
That’s according to U.S. News and World Report.
USD economics professor Dr. Alan Gin said studies show student loan debt has impacted people’s life decisions. This forgiveness can help with that.
“They’re delaying having a family. They have to postpone buying a house or starting a business. Things like that. So that high level of debt is impacting people’s life decision. So, some relief will help in terms of how society is going to operate,” Gin said.
For those like Barron who received Pell Grants, this forgiveness can clear their entire debt.
“As rent has been skyrocketing, just affording costs and saving for a house quite frankly because we haven’t been able to do that,” Barron said.
It also helps with the stress for Edwards knowing some relief is coming her and her family’s way specifically for her and her husband’s two young sons.
“Saving $10,000 dollars allow me to put more money into their college savings account which we have definitely had moments where we had to pause those contributions,” Edwards said. “And I would love to make more effort into making sure they don’t have to take out the same amount of money that I’ve had over time.”
Outside of the U.S. News and World Report information, the Cal State University’s 2022-2023 budget showsstudents graduate on average with a little more than $18,000 in debt. While the UC Office of the President said that from 2020-2021, students on average graduated with close to the same amount.
