U.S._ Expected Biden move to forgive some student debt costly to taxpayers, study finds

THE WASHINGTON TIMES

Expected Biden move to forgive some student debt costly to taxpayers, study finds

In this May 7, 2021 file photo, University of Texas Rio Grande Valley graduates sit social distanced in the early morning sunrise during their commencement ceremony at the schools parking lot in Edinburg, Texas. Repayment will restart as of Oct. ... more >

By Dave Boyer - The Washington Times - Tuesday, August 23, 2022


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.

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READ MORE: https://www.washingtontimes.com/news/2022/aug/23/study-says-bidens-move-cancel-student-debt-would-c/

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