Thursday, September 1, 2022

Thanks to Biden, Americans Who Never Attended College Still Have to Pay for It; Study Says Biden’s Move to Cancel Student Debt Would Cost More than $300 Billion; Will Cost More than $2,000 Per Taxpayer

Photo: JGI/Jamie Grill/Getty Images
Thanks to Biden, Americans Who Never Attended College Still Have to Pay for It:
President Joe Biden’s student loan forgiveness plan is inclusive. Even if you never attended a college course, you still have the opportunity to pay for your fellow Americans’ degrees.
Biden announced Wednesday that the Department of Education is canceling $10,000 in student loan debt for Americans earning $125,000 a year or less. Biden also announced forgiveness of up to $20,000 in student loans for Pell Grant recipients.
“Working and middle-class Americans who chose not to go to college, or who responsibly paid off their student loans, should not be forced to pay off the loans of others,” Lindsey Burke, director of the Center for Education Policy at The Heritage Foundation, and Adam Kissel, Heritage visiting fellow for higher education, said in a joint statement. --->READ MORE HERE
AP Photo/Susan Walsh
Biden’s move to cancel student debt would cost more than $300 billion, study says:
President Biden’s election-year plan to cancel student loan debt would cost the Treasury at least $329 billion and would mostly benefit wealthier taxpayers, according to a study released Tuesday.
The Penn-Wharton Budget Model found that forgiving $10,000 of student debt per borrower for families with incomes of up to $125,000 annually, a plan Mr. Biden could authorize as soon as this week, would cost the federal government $329.7 billion in lost revenues over 10 years.
The study showed that a majority of the relief would go to borrowers in the top 60% of earners.
The president could announce his decision as soon as Wednesday, according to a number of news reports. The pause on student loan repayments that has been in effect since March 2020 is set to expire on Aug. 31.
If Mr. Biden waived student debt of up to $50,000 for borrowers with incomes of up to $150,000, the total cost would be $935 billion, the Penn-Wharton analysis said.
Deficit hawks say the president’s action would wipe out much of the expected deficit reduction from Democrats dubbed the “Inflation Reduction Act” that Mr. Biden signed into law last week. The $740 billion climate-and-tax measure, which is a scaled-down version of the president’s original “Build Back Better” agenda, includes provisions that its authors say will reduce budget deficits by $275 billion over 10 years. --->READ MORE HERE
Follow link below to a relevant story:

Biden’s Student-Debt Cancellation Will Cost More than $2,000 Per Taxpayer

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