Biden’s Student Loan Forgiveness Plan Is Extremely Costly, Is It Unfair To Taxpayers?

Biden’s student loan forgiveness plan is trying to forgive up to $20,000 of debt per student borrower. But, Biden’s student loan forgiveness plan is unfair to some taxpayers because their children never attended college.

Is Biden’s Student Loan Forgiveness Plan Unfair To Taxpayers? [Photo: USA Today]

Biden’s SAVE Plan

Source– President Joe Biden is trying again to forgive millions of dollars in student loan debt. But, Biden’s student loan forgiveness plan is unfair to everyone who paid off their student loans or those who never attended college because Biden’s student loan forgiveness plan is extremely costly and unfair to taxpayers.

Biden’s new Saving on a Valuable Education (SAVE) plan would reform how the latest IDR is operated and how much student borrowers in this new plan have to pay. So, those borrowers who earned less than $33,000 annually will not have to make any monthly payments while having those months still be counted as payments against their debt. DOE said millions of borrowers are qualified for the new $0 monthly payments and those borrowers with undergraduate loans who are not qualified for the $0 monthly payments will see their monthly payments reduced by half.

According to the  Penn Wharton Budget Model, the new Saving on a Valuable Education plan will cost taxpayers around $475 billion over the next 10 years and possibly end up to $550 billion before it’s done. Biden’s student loan forgiveness plan will cause the worst inflation in 40 years. Biden’s student loan forgiveness plan is just costly and unfair to taxpayers.

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