Student loan handout reaction: NJ grad who paid off his debt says borrowers ‘shouldn’t expect’ help
'Gutfeld!' panelists react to reports the Biden White House is evaluating student loan forgiveness and a payment pause extension on student debt.NEWYou can now listen to Fox News articles!
President Biden announced on Wednesday, August 24, that he is canceling $10,000 of federal student debt for certain borrowers earning less than $125,000 a year and up to $20,000 for Pell Grant recipients — while also extending the pause on federal student loan payments through the rest of this year.
But some Americans who’ve already paid their dues aren’t too keen on the idea.
Pathik Oza of New Jersey, who graduated from Rutgers University in 2018, paid off $70,000 in student loans after starting his own used book business.
Oza reacted to the news in an email exchange with Fox News Digital, explaining that if someone can "truly benefit" from having their loans forgiven, then it's OK by him.
But the expectation that money borrowed will be paid off can be dangerous, he suggested.
A view of the football player sculpture on the Scarlet Walk at Rutgers University Busch Campus in Piscataway, N.J., in January 2017. (iStock)
"Whenever you borrow money, you should always have the mindset that this will need to be paid back by you," he said.
"And shouldn’t expect anyone to help you out."
"Of course, if you have parents or other family members willing to help you, then that is OK," he also said.
Oza’s small business venture, which sprang from his love of re-homing discarded books, took off during the coronavirus pandemic.
O3 Books founder Pathik Oza shared with Fox News Digital how he paid off his student debt — and what he thinks of the new handout plan. (Pathik Oza)
The business owner soon realized he’d be able to turn his passion into a profitable resale business called O3 Books.
Now, O3 Books has moved into selling décor books, as well as original, re-designed dust jackets.
"My goal is to get a warehouse in the coming year," he said. "Let’s see how it goes."
Oza said he learned "a lot about finances" by paying off his loans and by fueling his own business at the same time.
O3 Books' original dust jacket design for JK Rowling's "Harry Potter" series. ((Pathik Oza/O3 Books))
In addition to developing O3 Books, Oza has since pursued a new degree in computer science. He'll finish up his studies in December.
The student did not take out loans to do this, he said. Instead, he is paying off this new degree as he goes.
Fox News Digital’s Brooke Singman contributed to this report.
Angelica Stabile is a lifestyle writer for Fox News Digital. Follow her on Twitter at @atstabile.