BUFFALO, N.Y. — The deadline to return to paying on federal student loans was extended to May 1, 2022, but some graduates and economists are calling to cancel them completely.

What You Need To Know

  • SUNY students said they have been able to afford basic things like health care and travel since their student loans went into forbearance
  • Economists said this is an example of how canceling student loans could impact younger generations
  • Student loan repayment starts again on May 1, 2022

“I’m on the ‘pay-as-you-earn’ plan and, honestly, with the interest rate, it hasn’t really touched the loan balance at all,” said Danielle Buckner, a graduate of Monroe Community College and University at Buffalo.

She said between her debt and her husband’s, they owe about $100,000 in student loans to SUNY schools.

“We were teenagers at the time,” said Buckner. “We weren’t fully educated on how to take out money.”

Buckner said she and her husband Michael are not considering having kids or buying a house anytime soon due to their student debt. However, since their loans have been in forbearance due to the pandemic, they have been able to address medical needs they had been putting off due to cost, as well as travel.

SUNY Buffalo State economics professor Dr. Ted Schmidt said the past two years has been an example of what life could look like if federal student debt were canceled.

“You know, it’s something that the federal government can withstand,” said Schmidt. “And when you eliminate that kind of debt for young people just starting out their economic lives, that creates a huge positive impact on the private sector.”

For now, graduates who are public servants that work for the government or have a long-term disability could apply for the Public Service Loan Forgiveness Program, but there is no indication the Biden Administration will follow through with the promise to cancel student debt.