CBO estimate doesn’t include costs of ‘income-driven repayment,’ which outside watchdog says will cost extra $120 billion
President Biden’s move to cancel up to $10,000 in student loans for many borrowers — and up to $20,000 for others — will cost more than $400 billion, according to the nonpartisan Congressional Budget Office (CBO).
“CBO estimates that the cost of student loans will increase by about an additional $400 billion in present value as a result of the action canceling up to $10,000 of debt issued on or before June 30, 2022, for borrowers with income below specified limits and an additional $10,000 for such borrowers who also received at least one Pell grant,” the CBO said in a letter released Monday.
The analysis also said Biden’s suspension of payments for other borrowers until the end of the year — made as part of the same action — will hit taxpayers too.
“The cost of outstanding student loans will increase by $20 billion because an action suspended payments, interest accrual, and involuntary collections from September 2022 to December 2022,” the CBO wrote.
What a waste of tax payer money. A bunch of losers go to college for the party life experience, get a s##t degree and expect other people to pay their debt. Not once during this whole college loan debt conversation has anyone asked” Why is college so expensive?”
236….
my degrees are in Gender Studies and Sex Change accomplishments.
I owe Salisbury University 100,000 dollars, and I work at Dollar Tree and can’t afford to pay my loan.
Proves alot who went to college waisted their $$$ ending up at Dollar Tree !!!! LOL
You got a Dollar Tree PHD !!!! Have Fun Paying it off !!!!! Not MY problem !!!!!
I do not want my hard earned tax money going to support those partying brats.
Beer Kegs & Sex Parties !!!!! LOL LOL
Courts need to STOP this madness !!!!! No way in hell is this going to happen !!! Enough $$$ WAISTED by
Biden !!!!!
That damn $$$$ should be going to the Military & the WALL !!!!!!!
Thank you Biden voters!! You put him in office so now I’m going to reap the rewards!
Are you sorry yet??
Hope the Democrat Voters SUFFER THE MOST !!!!!! Right along with the rest of us !!!
Time to IMPEACH BIDEN !!!!!!