FARGO — The CARES Act brought a pause to monthly payments of student loans last April, which add up to $1.7 trillion in nationwide debt.
President Donald Trump extended the pause twice, and President-elect Joe Biden is expected to do the same once he takes office on Wednesday, Jan. 20.
Barbara Headrick, a political science professor at Minnesota State University Moorhead, said many of her students have taken out loans, and are happy with the pause so far.
"(The pause) more heavily weighs on students from lower-income areas who are using student loans more and people who choose to go to graduate school," she said.
One of those students who's in graduate school is Alex Holte, who goes to the University of North Dakota.
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Holte took out $25,000 in subsidized loans during his undergrad years.
"I didn't really spend a lot of money on a lot of my expenditures. I didn't really eat the most fancy food," Holte said. "I very much had a very low budget."
Biden is also expected to encourage Congress to draft a bill to completely forgive at least $10,000 for every student borrower.
Critics of that plan say it could lead to more borrowing for students who are still in school, which would add on to their existing debt, but Holte strongly disagrees.
"It doesn't take a lot of years to get to $10,000," he said. "It doesn't take a lot of years of being a student, and I don't think a lot of students are going to be like, 'Well, I'm just gonna spend next year just for giggles.'"
According to financial aid numbers, UND students borrow an average of nearly $6,000, while North Dakota State University students borrowed just over $9,000 during the 2018-19 school year.
Over at Concordia College, a spokesperson there said many students take out the maximum amount of subsidized loans, which is $5,500.
With all the borrowing, Holte is hoping for some sort of relief not only for himself, but also for his classmates, as they look to start their futures beyond school.
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"To be able to have some type of assistance from the government, for us to be able to have our American dream, I think is very beneficial and very worthwhile," he said.
