Central Oregonians react to extension of student loan payments freeze
College graduate, OSU-Cascades official weigh in
BEND, Ore. (KTVZ) -- The Biden administration has extended the student loan payment moratorium through Sept. 30, affecting the nearly 40 million Americans who owe over $1.5 trillion in student debt.
Declan Hertel of Bend, a graduate of Western Oregon University in Monmouth, said Thursday he feels the payment freeze extension will be a big help.
"It's been really huge,” Hertel said.
Hertel said he has been paying student loans since he graduated in 2016.
He said he feels fortunate to still have a job during the pandemic that provides him steady income.
Hertel said the loan moratorium has been a huge help, in terms of budgeting.
"I have no idea what the future's going to look like,” Hertel said.
“The moratorium especially has given me a chance where I can save up some money and actually figure out what I can do now," he said.
Jane Reynolds, the director of student success at OSU-Cascades, said the Bend school's graduates have on average between $25,000 and $27,000 in student debt.
"That's a $250 to $275 a month payment,” Reynolds said.
“To not have to make that payment right now, when folks' situations have changed a lot in the last few months, I think will be really helpful for them."
Reynolds noted that only 43 percent of OSU students graduate with debt.
She said she feels that the pause in payment will help students eventually pay off their loans.
"For the students that have the average student loan amount, that's probably less than a car payment,” Reynolds said. “And it was an investment in their future -- and there's lots of ways to pay."
Hertel said he's grateful for this loan freeze period, but is skeptical of the student loan process.
"You don't really understand what you're getting into as, like, a 17-year-old,” Hertel said.
“You sign the papers and you get to go to college and whatever. Then all of a sudden, I get out, and you owe $300 a month for the rest of your life."
