Washington, D.C. Of all the states, Texas is the one receiving the most portion of President Joe Biden’s $1.2 billion plan for student loan forgiveness.
Based on White House figures, Texas is expected to receive $116.6 million of the $1.2 billion in assistance, while California, which has 8.5 million more population, is expected to receive $114.8 million, a difference of more than $2 million.
This indicates that a greater number of Texas students have had difficulty repaying previous debt.
Lately, student loan debtors have started enrolling in the income-driven repayment plan known as SAVE.
There are currently 7.5 million members of the SAVE plan, which has the ability to lower monthly costs based on income.
To be eligible for the program, a borrower must have taken out less than $12,000 in loans in the beginning, be registered in SAVE, and have been making payments for at least ten years.
U.S. Representative Troy Nehls, who opposes the plan, said on X, “Joe Biden ‘canceled’ $1.2 billion in student loans, leaving the bill to be paid by American taxpayers.” All in an effort to garner votes,” Nehls penned. “Repay whatever loans you take out. It’s unbelievable that this needs to be mentioned.”
“A college degree is still a ticket to a better life, but that ticket is too expensive, and too many Americans are still saddled with unsustainable debt in exchange for a college degree,” stated Biden last week at an event in California.
Over 150,000 student borrowers—14,510 of them were Texans—were notified via email this past week by Biden that their debt had been forgiven.
If you are a student borrower and haven’t gotten an email, please check your spam bin. They can visit the website of their loan servicer or sign in to www.studentaid.gov.