DES MOINES, Iowa — As the Supreme Court prepares to hear arguments about President Biden's student loan forgiveness plan, plenty of Iowans with student loan debt are anxiously awaiting a ruling.
When deciding on higher education, many students focus on the big questions: What do you want to study? What's the campus like?
And of course: Do I need to take out any loans?
"The main reason why I picked Drake, or part of the reason was just because I got the most financial aid, and so I'd be taking out the least amount of loans," said Olivia Stuber, a sophomore at Drake University.
The Education Data Initiative says the average student loan borrower has about $37,000 in student loan debt. President Biden's plan could cancel a little over half of that — up to $20,000 for eligible borrowers.
And according to Iowa College Aid, approximately 56% of Iowa college students graduate with federal student debt, with the average loan debt amount of more than $24,000.
The White House says 43 million borrowers are eligible for some amount of debt forgiveness and estimates that 20 million of them would have their debt erased entirely.
Borrowers say getting that relief would make a big difference in setting themselves up for long-term success.
"I'm going to be paying off my student loans for years. But if for some reason, I'd be able to not have to pay student loans, I'd be able to start generating my own money and wealth for a while," Stuber said.
Critics of the plan have argued the relief is unfair to those who have worked to pay off their own debt and it unfairly helps those who are already wealthy. But supporters argue while the plan could help them personally, it could also benefit someone who otherwise wouldn't be able to afford to go to college.
"For people who have kids, for people who have to take care of other people who have a house and a mortgage and other payments. It would be great for them not to have to pay for student debt well into their adult life," said Hailey Buehlmann, a first-year student at Drake.
While the SCOTUS arguments are scheduled for Tuesday, Feb. 28, there is no set timeline for when a decision will be finalized. It is expected to come out before the end of June, when the court takes a summer break.