People making less than $125,000 — or $250,000 for married couples — can get up to $10,000 in debt cancelled. Pell Grant recipients can get up to $20,000 cancelled.
that roughly 37% of students who enrolled in Texas colleges or universities owed student loans, adding that 58% of students in their fourth year of pursuing a bachelor’s degree owed loans during the 2019-2020 school year. During the pandemic, a moratorium was placed on student loan payments and interest, providing borrowers with a period of relief while dealing with the fallout from COVID-19.
“While the economy continues to improve, COVID cases remain at an elevated level,” said the U.S. Department of Education’s press office to CNBC adding that “the President has made clear that pandemic-related relief should be phased out responsibly so that people do not suffer unnecessary financial harm.”
Biden’s decision to stand firm on his campaign promise received push back and praise from politicians across the aisle in Texas. Sen. Ted Cruz criticized the plan echoing similar sentiments of his Republican colleagues that it was not only unfair but also costly. “That slacker barista who wasted seven years in college studying completely useless things, now has loans and can’t get a job, Joe Biden just gave you 20 grand,” Cruz said in his podcast. “Like, holy cow! 20 grand. You know, maybe you weren’t gonna vote in November, and suddenly you just got 20 grand,” he added.
In response to Cruz’s comments, National Economic Council Deputy Director Bharat Ramamurti voiced his disbelief on Twitter, taking time to explain elements of Biden’s relief plan to his nearly 50,000 followers.-They make up 60% of student loan borrowers -98% currently make under 100k a year"This is why it's galling to hear many refer to borrowers as slackers," Ramamurti wrote on Twitter.
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