Biden vowed to forgive up to $20K in individual college debt. How do you feel about it?

Some of you will finally be able to afford a house. Others, maybe, start a family or accomplish that long-awaited dream of traveling abroad.

What will you do with the extra money you’ll have in your pocket after President Joe Biden announced Wednesday he will cancel $10,000 in student loan debt for those earning less than $125,000 per year, and $20,000 for those who’ve received Pell grants.

Or does it mean nothing for you and won’t really affect you?

READ MORE: Student loan forgiveness could help more than 40 million

Maybe the news made you jump up and down and cry in joy. Maybe if sparked anger or resentment. Either way, please tell us.

Biden vowed to erase $10,000 in federal student loan debt for those with incomes below $125,000 a year, or households that earn less than $250,000. Also, he will erase an additional $10,000 for those who received federal Pell Grants to attend college.

The cancellation applies to federal student loans that undergraduate and graduate student took out before July 1.

How do you feel about this? What’s your story? We want you to share it with us. You can also record a video of yourself talking about the impacts of the cancellation and either upload it in the form below, or email it to fmilburn@miamiherald.com (try to keep it less than a minute) and you may be featured in a TikTok video.

READ MORE: Even if you’ve paid off your student loans, you still might qualify for forgiveness

This story was originally published August 25, 2022 at 5:31 PM.

Jimena Tavel

Miami Herald

786-442-8014

Jimena Tavel covers higher education for the Miami Herald and el Nuevo Herald. She’s a bilingual reporter with triple nationality: Honduran, Cuban and Costa Rican. Born and raised in Tegucigalpa, Honduras, she moved to Florida at age 17. She earned her journalism degree from the University of Florida in 2018, and joined the Herald soon after.

Forrest Milburn

Miami Herald

Forrest is the senior audience growth and engagement producer on the audience team, where he cares deeply about building reader loyalty and community engagement. He comes to the Miami Herald from the University of Texas at Austin. He most recently worked on the audience team at The Washington Post; but his Texas roots run deep, interning at papers across the Lonestar State.