WEST PALM BEACH, Fla. — On the heels of Wednesday's announcement by the federal government about student loan forgiveness, the public has a variety of reactions to the plan.
While many are celebrating the decision, it's causing frustration and backlash from others.
RELATED: Who is eligible for federal student loan forgiveness?
WPTV talked to a variety of people on Clematis Street in downtown West Palm Beach on Thursday to get their thoughts.
"I think it's a good thing for college students who don't have the funds to pay off student loans," Kaitlyn Wilburn told WPTV.
For college students still chipping away at student loans, this may be a cause for celebration.
"It saves me. It saves her, so it's a great thing," Neil Roberts said.
But there are also folks who said this is a plan that unfairly benefits those who attended college while ignoring others who've paid off loans or did not seek higher education.
RELATED: How to apply for student loan forgiveness
"I think that everybody should be responsible for their own loans," Bert Lacalle said. "There's a lot of people that have paid their loans back or there's people that never went to college, and they shouldn't be paying somebody else's loan."
Right now it is estimated that more than there are 2.5 million student loan borrowers in Florida.
Here's what we know about the plan:
- $10,000 is being forgiven for those who file individually and make $125,000 or less
- If you're married, you and your partner qualify if you make a combined salary of up to $250,000
- Pell grant recipients, which are typically given to lower-income families, are eligible for an additional $10,000
- Private loans do not qualify for forgiveness.
Critics of the plan said this could boost inflation and said the plan is unfair.
RELATED: What happens next after President Biden's student loan announcement?
However, Florida Atlantic University finance professor Sofia Johan believes this investment is well worth the cost.
"This is a debt on education, on our young and even middle-aged people who are taking postgraduate degrees," Johan said. "This is an investment in our future innovation, our future growth, our ability to compete against the world."
The Department of Education is working on setting up an online application related to loan relief.
Visit the Federal Student Aid website to learn more about the federal student debt relief plan.