{"id":1975634,"date":"2023-07-17T20:36:01","date_gmt":"2023-07-18T00:36:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-new-student-loan-bailout-plan-would-cost-475b-over-next-decade\/"},"modified":"2023-07-17T20:38:49","modified_gmt":"2023-07-18T00:38:49","slug":"bidens-new-student-loan-bailout-plan-would-cost-475b-over-next-decade","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-new-student-loan-bailout-plan-would-cost-475b-over-next-decade\/","title":{"rendered":"Biden&#8217;s student loan bailout plan: $475B over next decade."},"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\">18<\/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%2Fbidens-new-student-loan-bailout-plan-would-cost-475b-over-next-decade%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=1975634&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--><div \u200dclass=\"entry-content\"> \t\t\t\t\t\t\t\u200c <\/p>\n<figure \u2064class=\"wp-block-image\u200b size-full\"><figcaption class=\"wp-element-caption\">(Photo\u200b by ANDREW\u2063 CABALLERO-REYNOLDS\/AFP \u2062via \u2062Getty\u2062 Images)<\/figcaption><\/figure>\n<p>  \u2064 \u2063\u2063 <\/p>\n<h2>OAN\u2019s\u00a0<a href=\"https:\/\/www.oann.com\/tag\/brooke-mallory\">Brooke Mallory<\/a><\/h2>\n<h3>5:30\u2062 PM \u2063\u2013\u2062 Monday, \u2064July 17, \u20632023<\/h3>\n<p>\u200b \u2064 \u2062 \u2064 <\/p>\n<p>According\u200d to the \u2063Penn\u2062 Wharton\u200c Budget\u200c Model, President Joe Biden\u2019s new\u200c income-driven\u2062 repayment \u2063plan\u200c for \u200cstudent loans will cost $475 \u2064billion\u2062 over the next\u200d ten years,\u200c which is\u2064 tens of \u2064billions\u200c more \u200cthan\u200c a \u2062previous\u2064 proposal that the \u2062Supreme\u200b Court rejected\u2062 last\u200c month.<\/p>\n<div\u200d id=\"div-gpt-ad-1663871513696-art-1\"\u2064 style=\"min-width: 320px;\u2062 min-height: 50px;\u200c \u200b text-align:\u200c center;\"> \u2064 \t<script>\u200d \u200b \t\tgoogletag.cmd.push(function() {\u2062 googletag.display('div-gpt-ad-1663871513696-art-1');\u2064 });\u2064 \u200d \t<\/script> \u200c\u2063 <\/div>\n<p> \u200c <\/p>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<p>  \u200d<\/p>\n<p> \u200d \u200c   \u200c <\/p>\n<p>According to the\u200c Penn model, taxpayers \u2062will incur $200\u2063 billion in \u2063expenditures \u2064as a\u2062 result\u2064 of \u200cpayment\u200b cutbacks \u200dunder the president\u2019s\u2063 \u201cSaving on \u2064A\u200c Valuable \u2064Education\u201d\u2064 (SAVE) plan since \u200dover\u200d half of \u2064the\u2064 $1.64 trillion in outstanding loans would\u2063 be\u200d paid.<\/p>\n<p>\u2063 \u200d \u2064 \u200d <\/p>\n<p>Payment\u200d reductions under \u200cthe\u2063 plan\u2064 for $1.03 trillion\u2062 in \u2063new student \u200cloans over \u200bthe\u2064 next decade \u2063will \u2063cost taxpayers an additional\u2063 $275 billion.<\/p>\n<p>\u200b \u200c  \u2063 <\/p>\n<p>According \u2064to the model\u2019s\u200b estimate range, the\u2064 cost \u200dof \u2062the\u200d Income-Driven\u200d Repayment \u200c(IDR) \u2063plan could \u2063be\u200c as low as \u200c$390.9\u200b billion \u2062or\u2063 soar\u2062 as high as $558.8\u2062 billion.<\/p>\n<p> \u2063\u2064  \u2064\u200c <\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cDue to the increased generosity of\u200b the newly \u200bproposed\u2064 IDR\u2064 plan, future student\u2063 borrowers have\u200d the\u2062 incentive \u2063to \u2064increase \u200btheir \u2064federal student \u200bloan borrowing,\u201d\u200c said Penn Wharton \u200cjunior\u200b economist Penlei \u200cChen.<\/p>\n<\/blockquote>\n<p> \u2062\u2063  \u200c <\/p>\n<p>The \u2062president\u2019s SAVE proposal is reportedly set to go\u200d into\u200b effect \u2062on July \u20621<sup>st<\/sup>, 2024, and \u2064would\u2063 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-new-student-loan-bailout-plan-would-cost-475b-over-next-decade\/\" title=\"Biden's student loan bailout plan: 5B over next decade.\">purportedly \u200breduce \u200dmonthly \u200bincome-based student loan\u2063 payments<\/a> \u2064in half, eliminate monthly payments \u2064for \u2062minimum-wage \u2063earners,\u200c and erase\u200c all \u200boutstanding \u200cdebt \u2063after \u200bten\u200d years of payments for\u2063 student borrowers who\u2064 borrowed \u200bless\u2062 than $12,000.<\/p>\n<p> \u2064  \u200b <\/p>\n<p>According to \u200bthe\u2063 Biden\u200b administration, most \u200bcommunity college\u2062 students would\u2063 not\u200d have to repay \u2063any debt under \u2063the\u2062 plan.<\/p>\n<p>\u200c  \u200d  <\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cMake \u200dno mistake, Biden\u2019s newest student\u200b loan \u2062scheme only \u2062transfers the burden\u200b from those\u2063 who willingly\u2064 took out loans to\u2062 Americans who\u2062 never\u200b attended\u200c college\u200c or\u2064 who \u200balready \u2062fulfilled their commitment\u2062 to\u200c pay\u2063 off\u2062 their loans,\u201d\u2062 said\u2064 Sen.\u2062 Bill \u2063Cassidy \u200d(R-La.), who chairs\u2064 the Senate \u200cHealth, Education,\u2064 Labor, and\u2063 Pensions Committee, calling the \u200drepayment\u2062 \u201cirresponsible\u201d and\u200d \u201cunfair.\u201d<\/p>\n<\/blockquote>\n<p> \u2062 \u200c\u2063  <\/p>\n<p>The \u2062senator\u2019s \u2064office \u2062stated \u2064that \u200dhouseholds earning \u200dmore\u200b than\u200b $250,000 per year\u200b may be\u200d eligible \u2062for \u201csome\u201d\u200c government help \u2064if they \u2062file their \u200ctaxes \u2063separately. \u2064They\u2063 also \u2064cited a March\u2063 Congressional \u2062Budget\u200d Office\u200b assessment\u200d that\u2063 understated\u2064 Biden\u2019s \u2062loan\u200d plan, putting \u200cthe\u200c public cost previously at\u2064 $276 billion.<\/p>\n<p>\u2064  \u200c \u2063 <\/p>\n<p>Education\u2064 Secretary \u2062Miguel \u2063Cardona also\u2064 stated \u2064on Friday that his agency will\u2063 erase \u2062$39 billion in federal \u2064student \u2064loans \u200cfor\u200c 804,000\u2064 students who had\u200d been paying them \u2063for 20 to \u206225 \u200byears, depending\u2063 on\u2063 when \u2062they\u2064 began the \u200crepayment \u2063process.<\/p>\n<p>\u200c  \u200b \u200d <\/p>\n<p>The \u2064Supreme Court \u200druled \u20626-3 on\u200c June 30<sup>th<\/sup> that it was\u200d unlawful to write off the\u200b debt\u2063 without legislative consent, overturning Biden\u2019s plan\u2064 to erase\u2064 up to\u2063 $430 billion\u2063 in\u200c loans\u200d for up \u2063to 43 \u2064million \u2064borrowers.<\/p>\n<p> \u2063   \u2063<\/p>\n<p>That plan \u2063relied on \u2063a 2003 statute \u2063intended \u2062to\u2064 waive \u200bloans for veterans\u2064 of the \u2062Iraq and\u200b Afghanistan \u200dconflicts, claiming\u2062 that the \u2062financial hardship\u200c caused by \u2063the COVID-19\u2063 era constituted a similar \u200dnational emergency.<\/p>\n<p>\u2063    <\/p>\n<p>Many Americans have \u200bvoiced \u200btheir frustrations with \u2063Biden \u200band his\u200c administration\u2019s\u2064 consistent efforts\u2062 to shift the financial \u2062burdens \u200dof \u2064those\u200d who freely\u2064 chose\u2064 to\u200d take \u2064out loans and attend\u200b university to \u200btaxpayers\u200c who chose to go\u200c to\u200d trade\u2062 school or\u2063 who \u2063were\u2063 unable \u2063to attend \u2064college due to\u2063 financial constraints.<\/p>\n<p>\u200d  \u200d  <\/p>\n<p>Stay informed! Receive \u2063breaking \u2063news blasts directly\u200d to \u2064your inbox\u2062 for \u200bfree.\u2062 Subscribe here.\u00a0<a href=\"https:\/\/www.oann.com\/alerts\"\u200d target=\"_blank\"\u200b rel=\"noreferrer \u2063noopener\">https:\/\/www.oann.com\/alerts<\/a><\/p>\n<p>\u200d  \t\t\t \t\t\t\t\t<\/p><\/div>\n<div\u200d class=\"entry-content\">  \u2063\t\t\t\t\t\t\t\t\t\t<\/p>\n<p>One\u200d America\u2019s Jessamyn Dodd\u2063 sits\u2064 down\u2062 with\u200c author\u2062 and doctor\u2062 Miriam Grossman to discuss \u200bher \u200cbook\u200b \u2018Lost \u2063In \u200bTrans Nation.\u2019<\/p>\n<\/p><\/div>\n<div\u2062 class=\"entry-content\"> \u2063 \t\t\t\t\t\t\t\t\t\t<\/p>\n<p>Missouri \u200cSenator Eric Schmitt tells\u200d One America News a\u200d federal \u200djudge\u2019s ruling\u200d in\u2063 the \u200dlawsuit he brought \u200dagainst\u2063 the\u2063 Biden Administration when \u2063he was\u200d attorney general\u2064 is\u00a0 \u201ca\u2062 big \u2064win for \u2063free speech and a\u2063 blow \u200cto\u200c the Biden censorship regime.\u201d<\/p>\n<p> \u2064\t\t\t\t\t\t\t\t\t<\/p><\/div>\n<div \u2062class=\"entry-content\"> \u2063 \t\t\t\t\t\t\t\t\t\t<\/p>\n<p>In\u200d the final \u2062part\u2062 of an \u200cexclusive interview, \u2062Senator\u200b Rand\u200c Paul\u2062 tells One America News \u2062more evidence is emerging that \u200cDoctors \u200dFauci\u200c and Collins are \u2064not \u200dalone in their\u2064 promotion \u200bof gain of function \u200dresearch.\u200c <\/p>\n<p>\u200c \t\t\t\t\t\t\t\t\t<\/p><\/div>\n<div class=\"entry-content\">\u200b  \t\t\t\t\t\t\t\t\t\t<\/p>\n<p>45th \u2064President \u2062Donald Trump receives a major endorsement in\u2062 Ron DeSantis\u2019s backyard<\/p>\n<p> \u2064\t\t\t\t\t\t\t\t\t<\/p><\/div>\n<div class=\"entry-content\"> \u2064 \t\t\t\t\t\t\t\t\t\t<\/p>\n<p>(Reuters) \u2013 Salesforce appointed Wachtell, Lipton\u2019s\u200c Sabastian\u2063 Niles as\u200d its \u2062<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/court-rules-against-uber-in-major-win-for-california-workers\/\" title=\"Uber loses court case, workers in California win.\">chief legal\u200c officer<\/a> on Monday, \u2064months \u2064after the\u200d leading activist lawyer \u200chelped\u2026 <\/p>\n<p> \u2064\t\t\t\t\t\t\t\t\t<\/p><\/div>\n<div \u2062class=\"entry-content\">\n<p>By John\u2062 Kruzel WASHINGTON \u2062(Reuters) \u200d\u2013 A\u200c group \u2064of\u2063 individual\u2063 plaintiffs on \u200bMonday\u200d asked\u200c the \u200cU.S.\u200b Supreme\u2063 Court \u2062to temporarily \u200chalt\u2064 Microsoft\u2019s\u2026 \u200c<\/p>\n<p>\u2064 \t\t\t\t\t\t\t\t\t<\/p><\/div>\n<div class=\"entry-content\"> \u2063 \t\t\t\t\t\t\t\t\t\t<\/p>\n<p>By Nathan\u2064 Gomes \u200c(Reuters) \u200b-Ford deepened\u200b a \u2063price war in the \u200belectric-vehicle industry on Monday\u2063 by \u200dslashing the prices\u2062 of \u2063its\u2063 F-150\u2026 <\/p>\n<p>\u200c \t\t\t\t\t\t\t\t\t<\/p><\/div>\n<div class=\"entry-content\">\u200d \u200d \t\t\t\t\t\t\t\t\t\t<\/p>\n<p>LONDON \u200d(Reuters) \u2064\u2013\u200b The\u2063 United \u2063Nations\u200c Security \u200dCouncil will hold its\u2063 first\u200d formal\u200c discussion\u200d on artificial intelligence\u2063 (AI) this week\u200b in\u2063 New\u2026 \u2062<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>According to the Penn Wharton Budget Model, President Biden&#8217;s income-driven repayment plan for student loans will cost $475 billion over the next decade. This exceeds a previous proposal by tens of billions. (55 words)<\/p>\n","protected":false},"author":1866,"featured_media":1975635,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1975634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1975634","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\/1866"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1975634"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1975634\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1975635"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1975634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1975634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1975634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}