Biden student loan cancellation will cost taxpayers $400 billion

Biden student loan cancellation will cost taxpayers $400 billion

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The Facts Inside Our Reporter’s Notebook A Monday report from the Congressional Budget Office (CBO) estimates that President Joe Biden's plan to erase large amounts of U.S. student loan debt will cost taxpayer's roughly $400 billion.
In late August, Biden announced that he would forgive borrowers up to $10,000 in student loan debt should they make less than $125,000 annually and up to $20,000 in student loan debt for Pell grant recipients. Roughly 60 percent of borrowers received Pell grants, according to the New York Times.
The CBO cautioned that its estimate was likely lower than the final cost of...
Source: https://justthenews.com/politics-policy/education/biden-student-loan-cancellation-will-cost-taxpayers-400-billion?utm_source=justthenews.com&utm_medium=feed&utm_campaign=external-news-aggregators