COLUMBUS, Ohio (WCMH) – Millions of Americans are struggling to pay off student loan debt.

President Biden is hinting towards enacting a forgiveness plan, but a new bill introduced by Republican U.S. Sen. Mitt Romney could block that.

He and other Republicans said canceling student loans is unfair to those who paid off their loans or did not go to college and would only increase inflation.

The Student Loan Accountability Act would stop the Biden administration from enacting a forgive-all program – but have exemptions for existing targeted student loan forgiveness.

Ohio State University student Jacob Chang said he disagrees.

“It is absolutely crucial for students to have financial wellness to be able to pursue their careers,” Chang said.

Chang fears blocking student loan forgiveness would prevent young adults from reaching their full potential.

“Having a loan that they have to pay off after graduation limits their ability to think about what they want to do,” Chang said. “Because if I have a loan of $50,000, I wouldn’t consider going to law school or medical school.”

Biden has been promising relief to the millions of Americans struggling with undergraduate student loan debt for months but has not taken any action.

A forgiveness program would be designed for lower- to middle-income people. Currently, there are trillions of dollars in outstanding student loan debt in the U.S.

Ohio State alumna Cassandra Cordy said if this continues, she thinks people will start looking for other options after graduating from high school.

“More people might start looking at other pathways instead of the four-year college route right out of high school because that is not the only pathway for people nowadays,” Cordy said.

The Ohio State University announced an increase for first year student tuition Thursday – an extra $569 a year for in-state and $1,703 for out of state students.

Governor Mike DeWine released a statement shortly after the announcement expressing his contempt for the tuition hike. Ohio State student Cole Komlosi said his friends are already having to get multiple jobs to keep up, and raising tuition will make the financial strain worse.

“Just inflation in general is causing a lot more problems,” Komlosi said. “So, for tuition to be spiked up it would just increase that.”

On Friday, U.S. Rep. Joyce Beatty, chairwoman of the Congressional Black Caucus, condemned the Biden administration in a social media post:

It reads:

“The $1.7 trillion student loan debt crisis is a racial and economic justice issue disproportionately impacting black communities across the nation. We are calling on the Biden administration to implement broad-based student loan debt cancellation by executive action. We are committed to working with the administration to explore all options and we are requesting to meet with the president,” said Beatty.

“This is a crisis created through policy decisions and we have a responsibility to address it head-on. Canceling student loan debt is one of the most impactful ways to address the ongoing economic and racial inequities plaguing our nation. As representatives of more than 17 million black Americans. The urgency of this moment requires we move with intention. In order to reduce the racial wealth gap and advance a just and equitable economic recovery for all, we must alleviate the burden of student debt, nothing is off the table except inaction,” said Beatty.

The President has until the end of August to decide on a plan of action.