Alaskans who hold federal student loans may soon feel some relief, based on a move from the U.S. government to forgive thousands of dollars in debt for eligible borrowers. Data shows about 67,300 Alaskans owe some amount of money in federal student loans.
There’s a lot of confusion around which loans the program applies to and who is eligible, said Sana Efird, executive director of the Alaska Commission on Postsecondary Education. The commission’s work includes helping with financial access to education and administering scholarships and the state student loan program.The government is only forgiving federal loans, which means the announcement won’t apply to Alaska state student loansfederal student loan website, at studentaid.
“This sort of relief might push some people to make some of those decisions,” Berry said. “And so we may see upticks in consumer spending, which could potentially lead to slightly higher inflation. But I think either way, that effect is probably close to a wash.” “It doesn’t feel like anything was forgiven,” she said. “It really does feel like this was a temporary Band-Aid to get votes.”
Briar St. Clair’s student debt will be entirely erased under the new forgiveness program. St. Clair, who works in the legal system and lives in Anchorage, graduated in May and said she plans to to go to law school soon, which she’ll be able to do without debt hanging over her. St. Clair didn’t initially plan on taking out loans. She worked full-time through undergrad and tried to pay for tuition out of pocket before she went through her savings.
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