The Biden administration’s plan to forgive up to $20,000 for student loan borrowers will cost the government about $24 billion per year over the next ten years, a top economic official confirmed Friday.
PUBLISHED 5:14 PM EDT Aug. 26, 2022The Biden administration’s plan to forgive up to $20,000 for student loan borrowers will cost the government about $24 billion per year over the next ten years
Asked multiple times how the plan is “paid for” — a promise President Biden made about most parts of his agenda — officials said it would be offset by the estimated $1.7 trillion decrease in the federal deficit expected this year The cost is not money the government must pay out, he said, but rather the amount of money the government will miss out on revenue each year, since borrowers who receive relief won’t be making those payments.
Asked multiple times how the plan is “paid for” — a promise President Biden made about most parts of his agenda — officials said it would be offset by the estimated $1.7 trillion decrease in the federal deficit expected this year.
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