Biden Set to Cancel up to $10K in Student Debt — Here’s What It Will Cost the Average Taxpayer
By New York Post. President Biden is expected to announce a plan Wednesday to cancel thousands of dollars in federal student loan debt for borrowers who make less than $125,000 per year — despite one think tank warning it could cost the average taxpayer more than $2,000.
CNN, citing multiple sources familiar with the discussions, first reported late Monday that the president would announce the write-off of up to $10,000 per borrower after he returns to Washington from his Delaware beach house.
The Associated Press reported Tuesday evening that Biden will also announce an extension of the current loan payment moratorium until January, after the midterm elections.
Republicans accused the Biden administration of trying to buy the votes of young, college-educated Americans from wealthy families in November.
“Most Americans do things the right way. You pay your debts,” tweeted Rep. Nancy Mace (R-SC). “Instead, our Administration wants to redistribute billions in student loan debt to our taxpayers.” (Read more from “Biden Set to Cancel up to $10K in Student Debt — Here’s What It Will Cost the Average Taxpayer” HERE)
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Joe Biden Expected to Announce $10,000 Student Loan Forgiveness Program Wednesday: Report
By Fox News. President Joe Biden is expected to announce a much-anticipated loan forgiveness program Wednesday, sources familiar with the plan told the Associated Press.
Americans are poised to foot a nearly $300 billion deal with President Biden’s expected announcement on Wednesday to forgive thousands in federal student loan debt and extend a repayment pause to next year.
According to the Penn Wharton Budget Model, a one-time maximum debt forgiveness of $10,000 for borrowers who make less than $125,000 will cost around $300 billion for taxpayers.
The cost increases to around $330 billion if the program is continued over the standard 10-year window, according to the figures.
The precise details of Biden’s plan were being kept to an unusually small circle within the Biden administration and were still not finalized on the eve of the announcement, sources told the Associated Press. (Read more from “Joe Biden Expected to Announce $10,000 Student Loan Forgiveness Program Wednesday: Report” HERE)
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