The New York Office of the Federal Reserve reported that Joe Biden’s plan of forgiveness of $10,000 per student loan borrower would cost U.S. taxpayers – many who earned a college degree and paid off their student loans – $321 billion.
Other than the fact that many U.S. taxpayers either choose not to attend college/university or have already paid their student debt, many individuals have “manageable” college debt: the median student load debt is $17,000 which equals payments of $222 per month.
Furthermore, the Biden administrations 30-month pandemic pause on collecting Federal student loan payments has already cost the country $200 billion. That pause is scheduled to expire on August 31st so hold on to your wallets as they announce their plans of “forgiving” student debt in the very near future.
Republican Leader of the U.S. House Education Committee, Virginia Foxx, isn’t pleased with the Joe Biden’s plan — or the timeline for implementation.
“The Biden administration’s proposed regulations on student loans are yet another example of why we need a complete overhaul of the Higher Education Act,” Foxx said. “Allotting lawmakers and stakeholders only 30 days to review 750 pages of regulations with massive significance for students and taxpayers is shameful.These proposals not only fail to fix the structural problems in our higher education system that have led to endless borrowing and ballooning college costs, but will make them exponentially worse.”
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