Student loan forgiveness plan could lower debt for many in Texas

On Wednesday, President Joe Biden, seen in 2019, announced that the federal government will forgive some student loan debt for individuals earning $125,000 or less.A’Naiya Vavis graduated from Texas State University four years ago with $14,000 in student loan debt, and her $180 monthly payment to the federal government meant living paycheck to paycheck on a $38,000-a-year public relations salary in Austin.

Biden’s student loan forgiveness plan comes after months of debate. Individuals earning $125,000 or less will see $20,000 in student loan debt erased from their education bill if they used federal Pell Grants to pay for it. Those who did not use those federal grants will have $10,000 eliminated from their student loan debt. The loan forgiveness applies to borrowers regardless of whether they earned degrees.

Whoops! There was an error and we couldn't process your subscription. Please reload the page and try again. Biden also extended the COVID-19 pandemic pause on loan payments one more time, through the end of 2022. According to the White House, nearly 8 million borrowers will automatically receive relief based on data the U.S. Department of Education already has. The Biden administration says it will launch an application in the coming weeks so more people can provide their current income information and qualify for student loan debt forgiveness.

For Williams, it’s unclear how that change would impact her last year of student loan payments since her income has risen during the pandemic. Dominique Baker, a researcher at Southern Methodist University who has studied student debt among Texas graduates, said regardless of today’s announcement, much more needs to be done to reform the student loan system and to better control the cost of college, as well as increase funding for public colleges and universities.

TexasTribune It should receive criticism since all the debt is being transferred onto the taxpayers.

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