Texarkana College says Biden’s debt cancellation will be good for students

Published: Aug. 24, 2022 at 3:03 PM CDT
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TEXARKANA, Texas (KSLA) - On Wednesday, Aug. 24, President Joe Biden announced his plan to provide $10,000 in student debt cancellation for millions of Americans.

Student loan debt is a concern for those attending both larger universities and smaller institutions. Jesse Hausler, director for financial aid at Texarkana College, says a number of students are attending the college thanks to grants and loans.

According to 2021 data published by the Texas Higher Education Coordinating Board, 32.7% of TC graduates have education-related debt.

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“Adult students with families to care for sometimes find it necessary to take out student loans to help with household expenses and to supplement lost income,” said Hausler. “Some specialized trade programs also require tool or supply kits in their first semester that the Pell Grant alone may not fully cover after tuition has been paid. Some students simply fall outside the allowable income range to qualify for funding through the federal Pell Grant and student loans help with out-of-pocket payments.”

Hausler says Biden’s action today to forgive some loan debts will be a plus for about one-third of their student population.

Andrea Henry is a single mother and full-time student. She says her loan was necessary for her to further her education.

“The loans have been helpful supporting myself and my family,” she said.

However, she says the loans have brought her extra anxieties.

“I worry about the debt. How am I going to pay it back? And if I will be able to pay it back.”

For now, students and college leaders ay they will wait and see how Biden’s decision will benefit everyone.

“It doesn’t harm the college and we are just tickled for the students. It looks like it’s going to be a good thing for them,” said Hausler.