President Barack Obama recently outlined a new Pay As You Earn plan that is based off a repayment plan approved by Congress in 2010.
The original plan stated that, by 2014, those with student loans could reduce their monthly payments from 15 to 10 percent of their income. Addtionally, the balance of a borrower's debt would be forgiven after 20 years of payments as opposed to 25 years.
In Wednesday's announcement, Obama said he would use an executive order to expedite the timeline, making the benefits available as early as 2012.
Mileah Kromer, assistant professor of political science and assistant director of the Elon University Poll, said she understands the struggles and stress that come with student debt. Kromer paid for her entire college and graduate school tuitions and is still paying off her student loans.
"I was lucky enough to find a job," she said. "I can't imagine what the pressure must be like for those who took out loans with the promise that a college education was the thing to help you get a higher paying job, and what you see is people taking out loans and the jobs aren't there."
But without student loans looming over her head, Kromer would have joined the Peace Corps or worked for a non-profit she really cared about.
Kromer said the frustrations of some are visible through the Occupy Wall Street movement, so she believes this plan could grant economic relief for many.
From a political standpoint, she said this is a savvy political move.
"The young demographic was key for Obama in his election, and this will certainly help him with that demographic again," Kromer said. "Helping out students is a political positive."
The plan will also help the economy, but Kromer does not believe this is the big fix. Instead of paying money directly back to the government, people will hopefully take money, reinvest it, buy things and stimulate the economy, but how long this will last is not clear.
Junior Scott Mills also understands student loans and their effects, having one student loan himself. He said not having to pay back the student loan he has now would allow him to take out future loans for law school.
But Mills does not agree that student debt should just be forgiven. Instead he thinks a different plan would be a better idea.
"If I do service for the government for two years and that helped out with my student loans, I think that would be a good program," he said.
Still, those with large student loans to pay back feel positively about the relief the new plan could bring.
"I would love for my loans to be relieved," Kromer said. "If my college loans were all the sudden relieved, I would go out and spend money. I would probably remodel the bathroom of my house"