NORFOLK, Va. — The Supreme Court's ruling to strike down President Joe Biden's plan to forgive student loan debt of up to $20,000 is big news and a blow to millions of borrowers across the country and in Hampton Roads.
"I was looking forward to that, you know, being young and understanding our credit score is very important," said Cinna Elozier, of Virginia Beach.
But borrowers aren't waiting for answers anymore.
"Knowing that I can get back on the payments so that they can be gone soon is all I am really looking forward to. I was just waiting on a decision really," said Amber Roberts, of Virginia Beach.
Others told News 3 they're glad to not foot the bill for other people's choices.
It's not just a few people who will be impacted.
"Student loans are common throughout higher education. It's imperative for many, many students in order to be able to get their higher education completed to be able to have loans to support that," said Dr. Dennis Gregory, associate professor of higher education at Old Dominion University. "The cost of higher education is growing. Because of that and because of the issues of low wage growth over the past few years and other financial problems in our society students are not making enough money in many cases to pay [without getting a loan] for their college experience. And there are, I think, perceptions that higher education is of great value to the American public."
The pause that was placed on federal student loan debts will end this fall.
Interest on loans will resume Sept. 1 and payments in October. Those who have federally funded loans will have to repay them or risk defaulting.
"In Hampton Roads that's a big problem. There's a lot of students who have trouble repaying the loan and the interest that accrues during the time they're in college and the interest that accrues after they leave college and are beginning to work," Dr. Gregory said. "If they get a job where the salary is relatively low then they sometimes have to default because they don't have the money to pay the loans back."
Dr. Gregory added that high student debt can delay big decisions like buying a house or starting a family.
"Now I have to financially plan for them. It's not a problem, but it's really just more money out of my pocket that I was looking forward to putting towards my savings, buying a home," said Elozier.
If you have student loans, experts said it's a good idea to check with your institution's financial aid office and your loan agency to work out a plan.
