{"id":1665664,"date":"2022-09-30T03:06:58","date_gmt":"2022-09-30T07:06:58","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1665664"},"modified":"2022-09-30T03:07:27","modified_gmt":"2022-09-30T07:07:27","slug":"student-debt-cancellation-to-cost-379-billion-education-department-estimates","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/student-debt-cancellation-to-cost-379-billion-education-department-estimates\/","title":{"rendered":"Student Debt Cancellation to Cost $379 Billion, Education Department Estimates"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fstudent-debt-cancellation-to-cost-379-billion-education-department-estimates%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1665664&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The U.S. Department of Education announced that it estimates the Biden administration\u2019s program to cancel <a href=\"https:\/\/www.theepochtimes.com\/t-student-debt\">student debt<\/a> to cost $379 billion, or about $30 billion a year over the next 10 years.<\/p>\n<p>The estimates are based on\u00a0\u201chighly uncertain assumptions about future economic conditions and participation rates,\u201d the department noted.<\/p>\n<p>The Biden administration\u2019s plan is set to provide up\u00a0to $10,000 in debt relief to borrowers who earn less than $125,000 per year, or $20,000 in debt relief to Pell Grant recipients who meet similar income standards. An application to receive the benefit is expected in early October.<\/p>\n<p>\u201cAs a result of Student Debt Relief, millions of borrowers will no longer have to make repayments on their loans and millions more will be able to substantially reduce their repayments,\u201d the Department of Education announced, adding it estimates that \u201cover the next 10 years, the program will cost on average $30 billion annually.\u201d<\/p>\n<p>\u201cThe ten-year cost in terms of reduced cash flows into the government will be roughly $305 billion,\u201d it noted.<\/p>\n<p>\u201cBy law, the Department must also estimate the cost of student loan relief over the entire course of the program\u2014in this case more than three decades\u2014not just the next 10 years. That cost is adjusted to present-day dollar values, and then recorded fully in the current fiscal year. The Department\u2019s estimate of this total cost in today\u2019s dollars is $379 billion.\u201d<\/p>\n<p>The student loan cost estimate is based on the assumption that some 81 percent of eligible borrowers \u201cwill take the necessary steps to get relief.\u201d According to the Department of Education, the assumption is \u201cvery uncertain, as other relief programs skew widely in terms of take-up rates.\u201d<\/p>\n<p>Approximately 43 million people are eligible for the relief, with 20 million being poised to have their entire debt wiped out, Biden administration officials<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Department of Education announced that it estimates the Biden administration\u2019s program to cancel student debt to cost $379 billion, or about $30 billion a year over the next 10 years. The estimates are based on\u00a0\u201chighly uncertain assumptions about future economic conditions and participation rates,\u201d the department noted. The Biden administration\u2019s plan is set [\u2026]<\/p>\n","protected":false},"author":183,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1665664","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1665664","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/183"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1665664"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1665664\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1665664"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1665664"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1665664"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}