President Biden's recent announcement of loan forgiveness for low- and middle-income Americans impacts less than one-third of Texarkana College graduates.
Jesse Hausler, TC's Student Loan Coordinator, said TC has very affordable tuition, and many credit-seeking students receive the federal Pell Grant which off-sets the need for most TC students to take out student loans.
"Compared to 4-year colleges and universities, tuition at Texarkana College is very affordable," said Hausler. "Many students who receive a federal Pell Grant do not have to pay anything out of pocket to attend Texarkana College, and several may even receive a refund for the unused portion of their grant."
According to 2021 data published by the Texas Higher Education Coordinating Board, 32.7% of TC graduates have education-related debt. Hausler said for some students, making time for college may mean cutting back on hours at work, and securing federal student loans help make ends meet.
"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."
According to President Biden's announcement, there are still some specifics to line up on student loan forgiveness. However, the fact that TC Pell Grant recipients may receive up to $20,000 in potential loan forgiveness, and other student borrowers who meet qualifications could see federal student loan relief of up to $10,000 means that about one-third of TC graduates may benefit from today's announcement.
The Texarkana Gazette reached also out to Texas A&M University-Texarkana and the University of Arkansas Hope-Texarkana for statements regarding the student loan debt announcement. UAHT does not offer student loans, and TAMUT did not respond with a statement in time to be included.