Estimated 780k borrowers in Washington eligible for student debt relief under new Biden initiative

The office of Sen. Patty Murray estimates roughly 780,000 Washington state borrowers are eligible to receive student loan relief.

According to data collected by U.S. News & World Report, the median amount borrowed by University of Washington undergraduate students is $15,000. If that’s repaid over 10 years, at about 5% interest, they’re looking at payments of $143 a month.

Across the Palouse at Washington State University, students are paying an estimated 33% more. The median amount borrowed there is $20,000, with monthly payments of $175.

Students KIRO 7 spoke to at universities in Seattle had mixed reactions to the news. University of Washington student Stephany Janssen thinks more can be done to help with interest accumulating on student loans. The incoming junior says the single mom who raised her continues to struggle with it.

“It doesn’t make sense to me that she still has thousands of dollars in student debt,” said Janssen. “I think it’s a good, small step in the right direction but really, 10 grand in the larger scheme of things doesn’t really do that much for people who have had student debt for a really long time.”

Liv Finne of the Washington Policy Center thinks the root cause of the problem is college costing too much. Finne argues the focus should be on reducing tuition and making higher education affordable for everyone.

“Its unfair to the working people who did not go to college to make them pay back the loans of people who did go to college,” said Finne.

©2022 Cox Media Group