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Americans with college debt will receive up to $20,000 in direct financial relief

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Biden forgives millions of student loans; critics fear inflation

"President Joe Biden said on Wednesday the U.S. government will forgive $10,000 in student loans for millions of debt-saddled former college students, keeping a pledge he made in the 2020 campaign for the White House."

"The administration will extend a COVID-19 pandemic-linked pause on student loan repayment to year end, while forgiving $10,000 in student debt for single borrowers with annual income under $125,000 a year or married couples who earn less than $250,000, the White House said."

"The government is also forgiving up to $20,000 in debt for some 6 million students from low-income families who received federal Pell Grants, and proposing a new rule that protects some income from repayment plans and forgives some loan balances after 10 years of repayment, the Education Department said."

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Biden Student Debt Plan Would Send More to Richer Families, JPMorgan Data Shows

Black and Hispanic borrowers would see biggest reductions in debt burdens, the bank’s in-house think tank found

"The White House has said that nearly 90% of relief dollars would go to individuals earning less than $75,000 a year.

 

Yet Institute researchers found households making over $76,000 would get nearly half of the $549 billion in total relief, with the wealthiest households, those making over $116,000, getting the largest total chunk.

The Institute looked at total household income because the bank’s data suggested the vast majority of wealthier households with student debt were dual-filers. It said counting every borrower as a single individual would show more money going to lower-income brackets.

Still, some 67% of the poorest borrowers would see their student loans erased entirely because they tend to carry less debt relative to their wealthier peers, the Institute found."

"After the 2020 election, the Biden administration had asked the Institute to use its data to examine who would benefit from various student-loan forgiveness plans being discussed, The Wall Street Journal has reported. The Institute’s research indicated that setting an income cap would lead to a more progressive outcome, where poorer and minority families benefited more.

Institute researchers found that, under the announced plan, Black borrowers would have the most debt canceled—on average, $11,258—while Hispanics would see their debts reduced by $9,516 and whites by $8,964. More than half of Blacks and more than 60% of Hispanics would have their student debt fully canceled."

Biden spends hundreds of billions on reducing student-loan debt

Good politics, maybe, but poor policy

"President Joe Biden said on Wednesday the U.S. government will forgive $10,000 in student loans for millions of debt-saddled former college students, keeping a pledge he made in the 2020 campaign for the White House."

"The administration will extend a COVID-19 pandemic-linked pause on student loan repayment to year end, while forgiving $10,000 in student debt for single borrowers with annual income under $125,000 a year or married couples who earn less than $250,000, the White House said."

"The government is also forgiving up to $20,000 in debt for some 6 million students from low-income families who received federal Pell Grants, and proposing a new rule that protects some income from repayment plans and forgives some loan balances after 10 years of repayment, the Education Department said."

The Epoch Times
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Each Taxpayer on Hook for $2,500 for Biden’s Student Loan Forgiveness Scheme: NTUF

"It would cost every single American taxpayer in excess of $2,500”

"In case of $10,000 loan cancellations, taxpayers making up to $50,000 would bear $190 more, while those making between $100,000 and $200,000 would bear an extra $3,790. The highest average burden—at a whopping $11,940—will be borne by taxpayers earning between $200,000 and $500,000."
 

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The Republicans Are Lying (Quite Pathetically) About Student Debt Forgiveness

A bailout of the elite? They must be thinking of their 2017 tax cuts.

"It would cost every single American taxpayer in excess of $2,500”

"In case of $10,000 loan cancellations, taxpayers making up to $50,000 would bear $190 more, while those making between $100,000 and $200,000 would bear an extra $3,790. The highest average burden—at a whopping $11,940—will be borne by taxpayers earning between $200,000 and $500,000."
 

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Student Loan ‘Forgiveness’ Estimated to Cost taxpayers an Average of $2500

Joe Biden’s plan to cancel up to $20,000 in student loans will cost taxpayers an average more than $2,500 per year, according to the National Taxpayers Union Foundation.

"It would cost every single American taxpayer in excess of $2,500”

"In case of $10,000 loan cancellations, taxpayers making up to $50,000 would bear $190 more, while those making between $100,000 and $200,000 would bear an extra $3,790. The highest average burden—at a whopping $11,940—will be borne by taxpayers earning between $200,000 and $500,000."
 

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Yes, Canceling Student Loan Debt Is Justified. Canceling Medical Debt Would Be, Too.

Student loan debt shouldn’t exist. Neither should medical debt. The Biden administration's cancellation of some student loan debt is justified — and canceling medical debt would be, too.

"It would cost every single American taxpayer in excess of $2,500”

"In case of $10,000 loan cancellations, taxpayers making up to $50,000 would bear $190 more, while those making between $100,000 and $200,000 would bear an extra $3,790. The highest average burden—at a whopping $11,940—will be borne by taxpayers earning between $200,000 and $500,000."