Biden’s Student Loan Debt Cancellation Plan
Who Stands to Benefit from Biden’s Proposal
According to The New York Sun, A new report says President Biden’s plan to cancel student loan debt could cost between $870 billion and $1.4 trillion. This is more than the total amount the government has ever spent on higher education. The Committee for a Responsible Federal Budget says most of the high cost comes from Biden’s executive orders even though there were legal problems at first.
Biden wants to cancel the student loan debt of over 25 million borrowers. This includes people who started paying back their loans over 20 years ago and students from schools that aren’t doing well. The plan also wants to forgive student loan debt for people who might not be able to pay because of medical bills. All these proposals together could cost between $870 billion and $1.4 trillion which is more than what the government has spent on education before.
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$1.4 Trillion Student Loan Debt Cancellation: Biden’s Plan Sparks Debate on Costs and Targeting (PHOTO: Forbes)
Seeking Fair and Effective Solutions for Student Loan Debt
Furthermore, some people worry that Biden’s plans are too expensive, don’t target the right people, and might not help lower college costs. They think it’s better to make bipartisan changes to the student loan debt system and make college more affordable and better quality. As debates go on about how these policies might affect the economy and society lawmakers need to figure out how to help with student loan debt in a way that works and is fair for everyone.
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