Gen X and elder millennials who 'sacrificed' to pay off their student loans have a complicated view of Biden's debt forgiveness: 'Are they going to give me a $20,000 tax credit? No they aren't.'

• Not everyone rejoiced when Biden announced up to $20,000 in federal student-debt relief.
• Some who already paid off their loans say the decision was unfair or sends the wrong message.

Millions of Americans breathed a sigh of relief last Wednesday when President Joe Biden announced the cancellation of up to $20,000 in federal student-loan debt for borrowers making less than $125,000 a year.

But many Americans who have already repaid their student loans felt a stab to the heart.

Angie Statham, 48, of Plainfield, Indiana, began her college education over 20 years ago, accumulating more than $29,000 in student loan debt, as Insider verified. Though she said repaying the loans was "incredibly hard," her balance hit zero in 2015.

As a single mom, Statham said she worked two jobs that kept her away from her daughter for long hours. To get by, she lived in tiny apartments, drove "beater cars," earned extra cash through yard sales, and hardly ever took a vacation.

While Statham said she has "so much joy" for everyone who will benefit from student debt cancellation, she wishes more could be done to make college more affordable for "everyone." She also said the Biden administration overlooked all the people like herself who sacrificed to repay their loans. As a Pell Grant recipient, she may have been eligible to have up to $20,000 of her loans canceled under Biden's plan.

"I do not feel it is fair to those of us who took out student loans and have sacrificed, whose children or spouse have also sacrificed, to pay off our loans in full," she said.

President Biden's announcement on student-debt cancellation and reform last week has sparked a wide range of responses. While many people were thrilled to have their debt burdens eased, others said the president didn't go far enough. Some Americans — including those that took out student loans with private lenders or exceeded the income threshold — felt left out, and many have argued Biden's plan wouldn't address the root problem of college affordability. Others, who worked hard to repay their loans, have characterized the decision as unfair.

'Is the government going to write off my mortgage?'

For Statham, it's not just the money she put toward her loan repayments that she can't get back. It's the vacations, movies, and restaurants she might have been able to enjoy with her daughter — as well as the more stress-free life she would have experienced — if her student debt wasn't weighing her down.

Roughly 20 million federal student-loan borrowers could see their balances wiped out under Biden's proposal, leaving double that amount still saddled with student debt. These loans are the second-largest category of consumer debt, behind mortgages, accounting for roughly 10% of total household debt. The average borrower owes nearly $30,000, but some have seen their loan balances go up — not down — as accruing interest expenses make this debt feel inescapable for many.

Statham would love to receive some sort of compensation from the government, but she knows that isn't going to happen. She believes cancellation ultimately sends the wrong message.

"If you can't afford to pay back a loan, maybe you shouldn't have agreed to its terms in the first place," she said. "Is the government now going to write off my mortgage? Are they going to give me a $20,000 tax credit? No, they aren't. Unfortunately, I feel this is just another way to excuse irresponsibility."

Colleges 'should pay back what they are stealing from people'

Micah Wyman, 42, of northern Indiana, only attended college for two years but said he has helped his wife pay off roughly $22,000 in student-loan debt.

In order to make payments, Wyman said he and his wife put off having kids until all their debt was paid off and cut back on vacations. He said finally paying off all the debt after seven years was a "satisfying feeling."

Wyman said President Biden's decision was "dictatorial" and doesn't believe the president has the power to cancel student debt. While the Trump administration concluded that it did not have the authority to cancel student debt, the Biden administration found this determination to be "substantively incorrect." The legal issue boils down to the 2003 Heroes Act, which gives the government authority to relieve debt during national emergencies.

Wyman doesn't expect the government to compensate him for the student loans he's already paid off.

"It should come from these colleges that have these huge endowments," he said. "They should pay back what they are stealing from people, just to keep the government afloat."

Andrew Thrasher, 35, of Indiana, says his family helped with college tuition expenses "to some degree" but that he left college with student debt that he has since paid off. He thinks student-debt cancellation is a poor use of government funds and an attempt by Democrats to "bolster poll numbers" ahead of the midterm elections.

"This doesn't solve any underlying problems with education costs," he said. "And even more important, it doesn't help millions of Americans who truly do need financial assistance and did not seek higher education."

While the details remain to be seen, President Biden wrote on Twitter Monday that he plans to hold "colleges accountable for jacking up costs," suggesting additional plans could be in the works to combat the cost of higher education.

Rather than cancel debt, Thrasher thinks money should be put toward the financial education of high-school students to help them make better financial decisions as adults when it comes to budgeting, saving, and investing.

"If we're going to spend government money, it should be used to make advancement in solving a problem," he said. "Give a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for a lifetime."