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Biden's student loan relief plan will cost $400 billion. Republicans call it 'unsustainable' and Democrats say it will give 'Americans more breathing room.'

Business Insider LogoBusiness Insider2 mo ago

Biden's student loan relief plan will cost $400 billion. Republicans call it 'unsustainable' and Democrats say it will give 'Americans more breathing room.' - Business Insider

Quick Summary:

The price tag for President Joe Biden's student debt forgiveness plan is about half of this year's national defense budget.

"It's almost unthinkable that the administration would announce such a large policy and not even know, or not even tell us how much it costs — particularly, we're talking about something that costs 400 billion dollars plus," Goldwein said.

That $400 billion comes from the difference between how much borrowers were expected to repay before cancelation was announced, versus how much they'll pay now, with the CBO's data projecting the potential impact over the next 30 years.

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Article Details

Category: Economy

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-09-26 @ 20:31:07 (2 months ago)

News Timezone: GMT -5:00

Ranking: #2736 (out of 3290 stories this day)

News Source URL: businessinsider.com

Language: English

Article Length: 570 words

Reading Time: 4 minutes read

Sentences: 49 lines

Sentence Length: 12 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Insider

News ID: 561085

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About Business Insider

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Main Topics: Economy

Official Website: businessinsider.com

Update Frequency: 137 posts per day

Year Established: 2007

Headquarters: United States

News Last Updated: 8 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

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News Language: English

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Website Security: Secure (HTTPS)

Publisher ID: #64

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