CORPUS CHRISTI, Texas — Big news came out of the White House Wednesday. The Biden Administration plans to cut $10,000 in student debt for many of the country's borrowers. The U.S. Department of Education received so much traffic to their site, that it crashed earlier Wednesday.
Borrowers have to earn less than $125,000 a year, or families earning less than $250,000 would be eligible for the $10,000 loan forgiveness.
Texas A&M Corpus Christi senior Marian Perez, is happy to hear about the student debt relief.
"Oh, my God, it is such a huge relief, I have maybe almost 18- $19,000 of debt," Perez said.
For seniors like Marian, who only have a few months left of school, the announcement made Wednesday morning, came right on time.
"When I saw it this morning, I just felt like maybe, maybe this can actually work for me this year," Perez said. "Since I'll be graduating in a couple of months."
Some residents may want to pursue higher education, but the anxiety built up from the amount of debt they may incur, is daunting.
"That is such a huge factor for students," Perez said. "A lot of them they will say like, I want to do this career, but they're like, it's too much money, so I'm just not gonna bother. And I don't think that should stop people from pursuing their dreams."
Dr. Andy Benoit, Vice President for Enrollment Management at TAMUCC said, this should make pursuing higher education easier.
"It will allow students that have been struggling to make loan payments, it will allow professionals, young professionals that are just starting out to not have the burden of the student loans that will eat on them for the majority of their career."
The student debt relief is a one-time, pandemic related loan cancellation, according to the Department of Education (ED).
Jeannie Gage, Director of student financial assistance at TAMUCC says, this is a long-awaited announcement. "You'll be able to show for that expense that you have that education, you can never take that education away from you, it's yours for the rest of your life," Gage said.
But not everyone is happy with the announcement out of the White House. For those who have paid their loans off already, they have mixed feelings.
Meanwhile for students like Marian, she's looking forward to the next steps.
"I'm just hoping that President Biden will live to his promise and make that a real thing," Perez said.
If you have any questions, or would like to learn more about student debt relief, click here. For FAQ's you can click here.
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