Biden’s new student loan bailout is more expensive than the original…

Biden’s new student loan bailout is more expensive than the original…

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President Biden’s new income-driven repayment plan for student loans will cost $475 billion over 10 years, according to the Penn Wharton Budget Model, tens of billions of dollars more than an earlier plan that the Supreme Court struck down last month. The Penn model estimates taxpayers will face $200 billion in costs due to payment reductions in the president’s Saving on a Valuable Education (SAVE) plan, as a little more than half of the $1.64 trillion in outstanding loans will be covered. Another $275 billion in taxpayer costs will be attributable to payment reductions under the plan for $1.03 trillion...
Source: https://nypost.com/2023/07/17/bidens-new-student-loan-forgiveness-to-cost-475-billion/?dicbo=v2-OPn43tH