Update with Biden’s new student loan repayment plan
US Education Secretary Miguel Cardona (R) looks on as US President Joe Biden delivers remarks on the student debt relief portal beta test on October 17, 2022. (Photo by Brendan SMIALOWSKI / AFP) (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images)
Texas has the most applicants for the new student loan repayment program
In a recent article published by KXXV.com, borrowers have to pay back their student loans next month for the first time since the COVID-19 pandemic.
The White House says that the new student loan repayment plan is to give debt holders a break. The Biden Administration rolled out the new student loan repayment plan on Tuesday — months after the Supreme Court struck down the original White House plan for debt relief.
Out of the four million borrowers who applied for the new student loan repayment plan, Texas had the most with more than 345,000 applicants. This new student loan repayment plan was said to be better than the original debt relief plan.
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With the new student loan repayment plan, borrowers who make less than $15 an hour will not have to make payments, and they can save $1,000 a year. The White House says that the new student loan repayment plan will be especially helpful for low-income borrowers.
According to James Kvaal with the Department of Education, this new student loan repayment plan will surely help students in need. At the end of the new student loan repayment plan, any remaining balance is forgiven if your income was not sufficient to fully pay off the month.
The new student loan repayment plan gives Republicans on Capitol Hill a negative impression. They said that the president new student loan repayment plan can’t forgive student loan debt, and are calling the new student loan repayment plan a “poorly-funded” tax payer grant system — so they do expect to put up a fight.
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