Some Americans are considering treating themselves to vacations after President Joe Biden announced the federal government would cancel a portion of student loans.
The administration is canceling $10,000 in student debt for borrowers earning under $125,000 annually and married couples jointly earning under $250,000 using a law intended to help military service members after 9/11. Some borrowers are already planning their next major purchases, ranging from vacations to taking on more debt for further education.
“I would not have second thoughts when planning a trip or going on a vacation,” a restaurant manager who said he took out loans for his son’s tuition told Reuters. “Earlier, it would be at the back of our mind that we have this debt hanging over us. Now we are somewhat relieved.”
Other borrowers are planning to take on more debt to further their education, such as a 20-year-old biology student who told Reuters she planned to go to medical school after college.
“As a biology student who wants to go to med school, I do rack up a lot of loans at school, so hearing that I could possibly get $20,000 or $10,000 (off) does sound really good,” she told the outlet.
What would a 10k vacation to rehoboth beach get me
— Elena Moore (@ElenaMMoore) August 24, 2022
Several commentators joined in to celebrate that borrowers would be able to afford vacations with a chunk of their debt wiped away.
“What would a 10k vacation to rehoboth beach get me,” NPR producer Elena Moore wrote in response to a tweet about loan cancellation.
Look, even if you’re a curmudgeon who thinks people deserve nothing, student loan forgiveness still helps EVERYONE. That’s more money consumers can actually put back into the economy on mortgages, vehicles, renovations, vacations, etc. A rising tide lifts all boats.
— Adam Herman (@AdamZHerman) August 24, 2022
“Look, even if you’re a curmudgeon who thinks people deserve nothing, student loan forgiveness still helps EVERYONE. That’s more money consumers can actually put back into the economy on mortgages, vehicles, renovations, vacations, etc. A rising tide lifts all boats,” sports writer Adam Herman wrote.
“How do we get out of the sink hole that is debt? Some of us ignore it entirely. Others sacrifice small life achievements like buying a home or don’t go on summer vacation. I mean those pennies are being PINCHED to go the longest way possible,” journalist Vicky Díaz-Camacho wrote.
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