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The White House announced another student loan handout on Friday, bringing the total number of borrowers who have received President Biden’s debt relief so far to 4.3 million. According to the White House, the total student loan cancellation sum is a whopping $153 billion.
“Today, my Administration is canceling student debt for 277,000 more people, bringing the total number of Americans who have been approved for debt relief so far under my Administration to 4.3 million borrowers through various actions,” Biden said Friday via the White House.
As for who is footing the bill, Biden has proposed “no new revenue to cover the cost, which means it goes straight on top of the pile of what America owes to its creditors.”
Taxpayers will have to pay over half a trillion dollars to afford these programs, according to the Wharton School of the University of Pennsylvania.
The analysis confirmed: “The New Plans will cost $84 billion in addition to the $475 billion that we estimated for President Biden’s SAVE plan, for a total cost of about $559 billion across both plans.”
The Department of Education stated that Biden’s forgiveness proposal, announced on Monday, comprised five main provisions: Waiving accrued and capitalized interest for millions of borrowers; automatically discharging debt for borrowers otherwise eligible for loan forgiveness under SAVE, even for those who do not enroll in the program; eliminating student debt for borrowers in repayment for 20 years or more; helping borrowers who enrolled in low-financial-value programs or institutions; and, assisting borrowers who experience hardship in paying back their loans.
Penn-Wharton: Biden’s new student loan plan will cost taxpayers another $84B, bringing total to $559B.
The biggest winners are 750,000 people with 20 years in repayment.
Their average debt relief is $25,500+ and average household income is $312,000+.https://t.co/UHwQb7Hajj pic.twitter.com/7iiJiaUK1R
— Phil Kerpen (@kerpen) April 12, 2024
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