Who gets student loan forgiveness? Relief prompts joy, angst

For Nick Marcil, the cancellation of $10,000 of his student loans could mean at last moving out of his parents’ house.

Marcil, 24, studied at a Pennsylvania state college, earned scholarships and worked jobs while pursuing degrees in education but still owed $18,000 before Wednesday’s action by the Biden administration to erase some student loans.

“I feel like if I don’t have that burden, I’d be more likely to, you know, try to move out — try to have, you know, my own place,” said Marcil, who lives in a Philadelphia suburb.

For borrowers like Marcil — including millions whose entire debt will be wiped out — the decision means new freedom to move, start a family or keep a low-paying but fulfilling job. But for many others, the long-awaited plan brings bitterness and frustration.

Many student borrowers feel left out, perhaps because they didn’t qualify for federal loans and had to rely on private loans, which won’t be forgiven. Other Americans resent the break current debtors will receive because they already paid off their debts, worked to avoid college loans or oppose the move on philosophical grounds.