- Guilherme Lópes, 31, a first-generation college student has $146,000 of student debt.
- He stated that the recent court decisions against debt relief “feel like a really sickening game.”
- He cannot plan for the future financially because of the uncertainty surrounding the relief.
Guilherme Lópes was the first member of his family who went to college in America.
Lopes, now 31 years old, says that he did not have the necessary knowledge to navigate the financial-aid systems after he immigrated from Brazil at age 5. He took out student loans to pay for his education after his guidance counselors at high school advised him.
Lopes borrowed federal direct loans in his own name. His mother also took out parent PLUS loans to cover additional expenses. His balance stands at nearly $146,000 — roughly $46,000 more than his balance upon graduating in 2013 due to interest. He was like many in his situation, excited when President Joe Biden stated on the campaign trail that he would approve $10,000 of debt relief.
Lopes stated that student loan relief was an important part of his political views. Lopes also said that Insider could help with making the system more accessible for students. “So, when Biden was running it was really appealing early on when he claimed he would forgive $10,000.”
But, Biden will be gone in a few days. Announced his one-time student-loan-forgiveness plan, a Numerous conservative lawsuitsA number of lawsuits were brought to stop the debt relief. Some of the lawsuits were dismissed by district courts — the Supreme Court even Refused two. Two federal courts were opened over the week. BlockedThe implementation of the debt relief leaves millions of borrowers in uncertainty as they wait for news on when or if they will see a $20,000 reduction in their loan balances.
Lopes, a non-profit worker making a five figure salary, is also enrolled into the Public Service Loan Forgiveness Program, which promises to forgive student loans for both government and nonprofit workers after ten year of qualifying payments. He still has some work to do on his repayment plan and was hoping for $10,000 relief. It would also help his brother and mother, who are also in student debt.
Lopes stated that it felt really bad because her mom, an immigrant mother, crossed the border to become a citizen here. She went through all the struggles and finally got the courage to enroll online. At 65, she also owes money. It’s just so unkind. It’s not the American dream we were promised.
“It just feels like an extremely sick game.”
Last week, a federal judge from Texas was arrested ruledBiden’s debt relief has been ruled illegal by two student-loan borrowers, who were unable to qualify for the full amount. The Eighth Circuit Court of Appeals ruled Monday that the relief was legal despite the temporary stop it had placed on it. In effectThe court will make a final determination on the legality of the project until then.
The Education Department appealed against the rulings. Biden’s administration however has Expressed confidenceLopes stated that he is disappointed that these lawsuits ever took place.
Lopes stated that “I believe it affects the psychological health.” “It’s more unknown, the uncertainty. It just feels like a really sickly game. Is there going to be a pause? Are our payments returning? It is all alarming.”
The department is now under house arrest due to the indefinite blockade by the court. No longer accepting applicationsIt stated in a recent court filing, that it is “accommodating the plaintiffs.”Examining” another ExtensionThe student loan-payment pause.
Lopes is unable to plan or purchase anything of significant value due to the financial uncertainty and possible extension of the payment suspension. While he insists that he doesn’t need a handout or anything, he said that he feels like many Americans do have an entitlement to some form of help.
Lopes said, “It just feels kind of off to my.” It brings up a lot anxiety.
“I have faith, because the alternative to anxiety is fear”
Lopes claimed that while he was fortunate to receive his graduate-school degree from his employer, he also delayed paying his undergraduate loans. The interest accrued, which caused his balance, to soar, is not something Lopes regrets. He stated that he wishes the terms of student debt would have been clearer from the beginning, particularly since interest has kept him awake at night. Other borrowersThey could not even make a dent on the original balance they borrowed.
Lopes stated that he is not able to accept the lack of clarity regarding student-loan forgiveness. He said that he had no choice but to believe the Biden administration would follow through.
Many others are still waiting. AdvocatesDemocratic lawmakers also have suggestions for what Biden should do in order to ease the stress that millions of borrowers feel right now. Multiple advocacy groups have called on the extension of the student loan payment pause. Wisdom Cole (the NAACP’s youth director and college director) stated in a Wednesday statement that they “fully support” the extension of the repayment pause until borrowers get the relief promised.
He said, “It is disgusting that the very people who have received hundreds of thousands or even millions of dollars in bailouts now attack relief for Americans with Pell grants, 51% which go to students whose parents earn less than $20,000 per year.” It’s sickening and hypocritical and speaks volumes about the type of politicians that must be removed. But they will not win this battle.
