Biden’s student debt write-off in numbers: 41M wave goodbye to college debt, but 240M without degrees and other taxpayers each foot $2,500 towards $600B plan that could worsen inflation, erase deficit reductions and prompt legal fights
Joe Biden on Wednesday announced that $10,000 in student loans would be cancelled for those earning under $125,000
The move is opposed by most Republicans and many of the president’s Democratic colleagues — either because it goes too far, or not far enough
It remains unclear exactly how much the plan will cost, but estimates include an an eye-popping $600 billion
While some 41 million borrowers are set to benefit, there are still some 240 million Americans without college degrees who will likely be footing the bill
President Joe Biden’s plan to forgive at least $10,000 in student loans has divided Americans and even members of his own Democratic party, raising tough questions about the scheme’s cost, popularity and even over its legality. The White House has not yet stated what the overall cost of the debt write-off will be, but estimates start in the region of $300 billion and some even exceed $1 trillion, making it one of the costliest executive actions in history. This raises troubling questions about how the scheme works, how much it will really cost, who will pay for it, whether the American public wants it, and even whether Biden is exceeding his powers as president.