Student loan forgiveness plan draws support, criticisms

A plan to reduce or eliminate student loan debt for some borrowers has received both praise and criticism.

Under President Joe Biden's plan, those earning less than $125,000 a year would have $10,000 of federal student loan debt eliminated, while married couples would be eligible if they make less than $250,000. Students who received the Pell Grant would be eligible to have $20,000 forgiven.

Read: What student loans are eligible for forgiveness?

Also, there will be a pause on student loan repayment and collections through the end of the year.

"I'm going to take care of that benefit, definitely through Wayne State," said Fhairr Steele, who supports the plan.

Asha Davis has an undergraduate degree from Michigan State and a master’s degree from the University of Michigan, and she owes a lot of money. She said she would like to see $50,000 of debt relief.

"A lot of people need it, especially for wealth inequity, and things like that. I think it'll help a lot of people," she said.

Michigan Gov. Gretchen Whitmer also released a statement, saying, "nearly 700,000 Michiganders will have their debt cut in half or eliminated entirely, lifting a huge burden off their backs."

However, not everyone is on board with eliminating student loan debt.

Republican Michigan Congressman Bill Huizenga questions whether the president has the authority for the plan.

"Frankly, this is an insult to those students who worked their way through school, as well as the parents or spouses who took a second job to make sure the bills were paid," he said.

Denise Brun, who paid for her college, is also unhappy.

"I worked my way through college. I worked my butt off to get through college here at Wayne State, and I just don't think it's right," she said.