The plan under consideration by White House officials would cancel up to $10,000 in student loans per borrower, although that would likely be limited to those with annual income of no more than $125,000. People who earn above that threshold wouldn't qualify for forgiveness.
Now, a new analysis estimates the total cost of forgiving that debt: almost $300 billion in the first year, to the Penn Wharton Budget Model, a group of economists and data scientists at the University of Pennsylvania who analyze public policy to assess their economic and fiscal impact. The benefit of erasing billions in college loans would mostly go toward Americans higher up the income ladder, the analysis also found. More than two-thirds of the debt forgiveness would help people in the top 60% of the income distribution — or those who earn $82,400 or more per year.
That could raise questions about the policy's fairness. According to the Federal Reserve Bank of St. Louis, median household income in the U.S. in 2020 was roughly
Pisses me off. I have to pay for their liberal science degrees. If they had a degree worth the paper it's written on they could pay the loan themselves.
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Joe Biden expected to announce $10,000 student loan forgiveness program Wednesday: reportPresident Biden's expected announcement to forgive $10,000 in student loans will cost American taxpayers around $300 billion, according to some estimates. Buying them votes ahead of mid-terms again. Kurohig51653942 Such a disgrace!🖕 He better not
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Chuck Schumer begged Joe Biden to boost student loan forgiveness: ReportBiden is expected to announce a plan on Wednesday to forgive $10,000 in debt for Americans with federal student loans who make $125,000 per year or less. What about mine from 1996? I paid them off making $24k a year The democrat world. Dems and pedo joe are better at creating fear by using the FBI, IRS and every agency to intimidate the American people.
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Biden set to announce $10,000 federal student loan cancellationPresident Joe Biden is soon set to announce his long-delayed move to forgive up to $10,000 in federal student loans for many Americans and extend a pause on payments to January.
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Student loan debt forgiveness won't give Biden, Dems the political, PR payoff they want: PerinoFox News co-host Dana Perino bashed the Biden administration Tuesday on 'The Five' for its expected cancellation of $10,000 in student loan debt per borrower. clownworld Wanna bet? Why doesn’t the GOP want to help Americans? VoteBlue2022
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