Democrats and the Student Loan Giveaway

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The Biden administration student alone debt cancellation plan may cost more than $1 trillion according to the analysis from the University of Pennsylvania's Penn Wharton budget model. The largest potential cost driver ped Wharton identified is the Biden administration's new income driven, repayment plan, which includes capping monthly student loan payments at 5% of a borrower's discretionary income. And reforming the repayment guidelines to guarantee that no borrower who makes quote about the annual equivalent of a $15 minimum wage will have to make monthly loan payments. That cancellation alone will cost the United States up to $519 billion. Wharton found in an analysis published Friday. Loan forbearance which allows borrowers to temporarily stop paying will cost an estimated $16 billion. The income driven repayment plan will initially cost $70 billion. But specific. Specific details have yet to be released. Finally, the report comes as the United States national debt is already more than $30.8 trillion. According to the treasury.

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