14,000 students in Texas canceled student loans

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Dallas College, located in Dallas, Texas, canceled student loan arrears for a total of 14,000 students last year using the federal government’s Emergency Fund for Colleges, designed to help students amid the COVID-19 pandemic.

Dallas College Assistant Vice-Chancellor of Admissions Management, Marisa Pierce, said removing the leftovers would provide much-needed relief, adding that the college hopes that by removing the barrier, students can achieve their educational and learning goals. employment goals.

“It is our responsibility as an organization to do everything we can to put it on the path to success,” Pierce said.

Besides Dallas College, there are other higher education institutions that have canceled student loans, including America’s oldest private historically black university, Wilberforce University, which recently canceled all student loan debt and fines owed to the institution for 2020-2021 classes.

In addition, Delaware State University, historically for blacks, wrote off up to $ 730,655 student loan debt last month for more than 220 recent graduates who were hit by the pandemic during the year. The university also used funds from the American Rescue Plan.

Although there have been several proposals for canceling student loan arrears, including canceling a student loan of up to $ 50,000, students remain unsure whether they will all receive a loan forgiveness. According to recent proposals, some students may not be eligible for student loan cancellation, including:

  • Students who have private student loans.
  • Students earning over $ 125,000 per year.
  • Those who study through a parent loan.
  • Student Borrowers with FFELP Loan or Perkins Loan.

Although several universities and colleges are canceling student loans for their students, employers can also help the latter pay off student loans. As part of the $ 2.2 trillion stimulus package – the Care Act, employers can make tax-free payments of $ 5,250 per employee on both private and federal student loans.

As for students who have not had their student loan canceled by their university or college, there are several options they can consider to pay off their loans, including student loan refinancing, income-adjusted repayment plans, and government service loan cancellations.

More recently, data obtained by the National Student Legal Defense Network (NSLDN) at the request of the Freedom of Information Act showed that over 517,000 student loan borrowers with over $ 8 billion in student debt have not received any payments since June 10however they have the right to cancel.

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