People in favor of canceling student debt protest outside the Supreme Court, Friday, June 30, 2023, in Washington. Under the new provisions, dubbed "New Plans," the administration will eliminate undergraduate student debt for borrowers in repayment for at least 20 years. Graduate debt will also be eliminated for those paying back loans for more than 25 years.
The Wharton analysis states New Plans will relieve some long-term debt for approximately 750,000 families making over $312,000 annually. The reason for the "high average household income," according to the analysis, is that President Joe Biden’s Saving on a Valuable Education program "already provides long-term debt relief to households with lower incomes."
Biden has sought to fulfill his campaign promise of canceling student debt, though he has previously faced legal challenges. “The national debt is $34 trillion. Inflation is making life unaffordable and this administration is now forcing the American people to pay the costs of student loans that borrowers willingly signed up for,” Speaker Johnson
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President Biden's New Student Loan Relief Plan to Cost $84 BillionPresident Joe Biden's new plan to provide relief to student borrowers comes at a cost of $84 billion, according to an analysis by the Penn Wharton Business Model. This is in addition to the $475 billion cost of Biden's Saving on a Valuable Education (SAVE) plan. The proposal aims to assist at least 23 million borrowers and uses a different legal justification than the previous plan.
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