LAS VEGAS (KTNV) — It's time to move in for the fall semester and it's an exciting day for students, especially incoming freshmen at UNLV.
Freshman Tominika Sole tells us: "I've been sheltered growing up. I'm excited to start something new without my parents. Be independent. Have more freedom."
But paying for independence can put a damper on that excitement. The cost of a college education can be expensive, leaving students in debt for decades afterwards.
For Lauren Flores, a freshman at UNLV, how to pay for her education has been a concern for years.
"I've always known that I wouldn't be able to afford college on my own with my income bracket. I've always known I'd have to take a student loan," Flores shares.
Now the possibility that some of her loans could be wiped off her budget sheet gives her hope and some peace of mind.
"That would definitely take off a lot of stress. It would definitely make my life easier. It would probably help me to focus solely on my studies and learning things instead of stressing out about how I'll be able to make money. How I'll be able to pay off these loans," said Flores.
The Associate Press reports President Biden is set to announce his decision on student loan forgiveness Wednesday. The move could forgive federal student loans up to $10,000 for over 40 million Americans. According to the AP, there will be an income cap limiting forgiveness to people making less than $125,000 a year.
For students in Nevada: "The approximate cost of tuition is less than $10,000 a year. So it's essentially giving you buy 3 years, get 1 free in terms of student loans in Nevada," explains Budin Group financial advisory Jason Baucom.
Baucom explains the forgiveness will especially help minority groups who historically rack up the most in college expenses.
"A disproportionate number of minorities have higher debt in student loans than whites," says Baucom.
President Biden is also expected to extend the pandemic related pause on student loan payments.
