Local residents sound off on student loan forgiveness

Aug. 27—President Joe Biden announced the details of his student loan forgiveness plan Wednesday and area residents have some strong reactions.

"I don't know if it's the right thing or not but as someone who has gone to school in a recent decade it's rough to pay student loans down," said Dominic Loveland, 32, of Jefferson, whose $40,000 in student loans for going to trade school garner 9 percent interest. "There is no reason in this world that federal student loans should have a higher interest rate than my mortgage (4.5 percent interest). Something should be done to bring the interest down on student loans. It will only benefit our country."

Kent State University at Ashtabula students started Thursday. Any student in their sophomore year or older will see benefits if they have taken out student loans and are making $125,000 a year or less. The plan provides $10,000 if they're eligible and $20,000 if they're eligible and are a Pell grant recipient.

"It's a fabulous idea," said Anne Zeitler, 66, of Ashtabula. "Pursuing and achieving a higher education takes a lot of hard work and dedication. Needless to say, it is also very expensive. My parents paid for my bachelor's degree and I worked a full-time job and two part-time jobs to pay for my master's degree."

Zeitler said she's very happy to see other people who desire to further their education to help our world become a better place benefit from student loan debt relief.

"The message I hear regarding student loan debt relief is 'furthering your education is very important to our future and we can help lighten the cost burden to help you make a difference in our communities here at home and throughout the world,'" she said. "I have to believe that a good part of that money will go back into the economy in the form of business upgrades, home purchases and upgrades, cars, clothing, and possibly creating new jobs due to the spending."

Laura Best, 30, of Geneva, said she also believes the money will go back into the economy.

"The banks are making a killing on the interest and the college costs are too high," she said. "It makes sense to reduce the price of paying back student loans."

Ashtabula resident Earl B. Tucker, 61, believes some forgiveness might be in order, but not full.

"It took me 10 years to pay off mine, but I was lucky enough to have had to borrow a relatively small amount," he said. "I would prefer to see a cap on interest rates for student loans."

Matt Rider, 39, of Jefferson, said he would prefer to see anyone who has been responsible and paid off their student loan get a deduction on their mortgage in return.

Ashtabula native Joyce Perry, 62, said she is conflicted on student loan forgiveness.

"I don't think we should have a $70,000-plus loan for just a two-year college degree," she said. "College is outrageous in price now. I was fortunate to go through nursing school for a reasonable price and I paid off my student loans. I'm a Democrat but have mixed feelings."

Lisa Lopez, 54, of Ashtabula, is not surprised that some people love this idea.

"We are paying for it. I mean, why make anyone accountable?" she said. "Let's just keep giving and giving because We The People are paying for it. Remember, voting is coming up this November. Political tactics of this administration and continued handouts for votes will never cease to amaze me."

Kathy Shumate Ketron, 65, of Ashtabula, said she's more upset about the billions in tax breaks for the wealthy.

"You probably paid more in taxes than they did," she said.

Windsor Township native Sadie Portman, 37, said, "It does not fix the problem of higher education costs and it does not eliminate a majority of student loan debt. This barely covers the amounting interest that keeps us Millennials in debt for decades. However, despite it being a band aid on a greater problem, it is a start to recognizing a generation that has been left in financial ruins."

Ric Smith, 62, of Ashtabula said student loan forgiveness is "absolutely" wrong.

"I went to a trade school on a Pell grant and it took me 10 years to pay it off," he said. "Bailouts, handouts or loan forgiveness of any kind is wrong. and what message does it send to today's high school student soon to be college student? Just bail on your responsibility."