{"id":1976597,"date":"2023-07-18T18:36:01","date_gmt":"2023-07-18T22:36:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-student-loan-repayment-plan-will-cost-nearly-500-billion-report\/"},"modified":"2023-07-18T18:38:56","modified_gmt":"2023-07-18T22:38:56","slug":"biden-student-loan-repayment-plan-will-cost-nearly-500-billion-report","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-student-loan-repayment-plan-will-cost-nearly-500-billion-report\/","title":{"rendered":"Report: Biden&#8217;s student loan repayment plan to cost around $500B."},"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%2Fbiden-student-loan-repayment-plan-will-cost-nearly-500-billion-report%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=1976597&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--><h2>The\u2062 Biden \u200cAdministration&#8217;s\u2063 Regulatory Changes\u200b to\u2064 Student Loan Repayment \u200dProgram \u200dCould \u200dCost Taxpayers\u2063 Nearly\u2064 $500\u2063 Billion<\/h2>\n<p>A new report \u2064from the \u2064Penn \u200dWharton\u200b School of Business reveals that\u2063 the\u200d Biden\u2062 administration&#8217;s regulatory changes\u200c to the\u2062 Income \u200dDriven\u200c Repayment\u2063 (IDR) \u200bprogram\u2062 for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/5-reasons-making-taxpayers-pay-off-student-loans-is-a-rotten-idea\/\" title=\"5 Reasons Making Taxpayers Pay Off Student Loans Is A Rotten Idea\">student loans<\/a> \u2062could \u2064have \u2063a \u2062significant financial\u200d impact. The\u2063 report \u2062estimates\u200b that these\u200b changes \u200bwill \u200dresult in a net cost of \u200d$475 \u2064billion \u2064over the\u200b next\u2063 decade.<\/p>\n<h3>Changes\u2062 to the IDR\u2064 Program<\/h3>\n<p>Previously, \u200dborrowers\u200c participating in \u2064the IDR \u200bprogram\u2062 had\u200c to pay \u200c10% of\u2063 their\u200c <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-forgives-thousands-of-student-loans-for-government-workers-while-millions-of-others-remain-in-crushing-debt\/\" title=\"Biden Forgives Thousands of Student Loans for Government Workers While Millions of Others Remain in Crushing Debt\">discretionary income<\/a>\u2062 above \u2063the\u2064 poverty \u2064line and could\u200d have\u200d their\u200d loans\u200b forgiven \u200cafter 20 \u2062years. However, the \u2064new regulations have \u2063lowered\u2062 the \u2062required\u2064 payment\u2064 to 5% and \u200creduced the\u200d forgiveness \u2064threshold\u200d to 10 \u2063years.<\/p>\n<p>The\u2063 report\u2062 highlights\u2062 that $200\u200d billion\u200b of\u2063 the \u2062estimated cost\u200d is directly attributed \u2063to\u2064 the lowered payments for \u2063existing \u2063student \u2062loans.\u200d Additionally, the\u200c university predicts \u200cthat\u2063 53% \u2063of all \u2064<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-student-loan-repayment-plan-will-cost-nearly-500-billion-report\/\" title=\"Report: Biden's <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/heres-what-each-of-bidens-42-executive-orders-will-actually-do\/\" title=\"Here\u2019s What Each Of Biden\u2019s 42 Executive Orders Will Actually Do\">student loan repayment<\/a> plan to cost around 0B.&#8221;>federally \u200dheld \u200bstudent \u2062loans<\/a> will be\u200c shifted\u200b to the \u200dIDR program. The \u200cremaining expected cost will\u2062 come from \u200bloans that have \u2064not yet \u2062been disbursed\u200d but will be\u2063 in \u2063the coming \u200cyears.<\/p>\n<h3>Efforts \u200dto\u200b Limit \u200bStudent \u200cLoan Repayment<\/h3>\n<p>The\u2063 changes \u200bto \u200dthe \u200cIDR program \u2063are part of \u2063the\u2063 Biden \u2062administration&#8217;s \u200cbroader \u2062efforts\u2063 to\u2062 reduce \u2064the\u200d burden\u200c of\u200c student loan repayment. President Biden initially \u200bproposed forgiving \u200dup \u2063to \u2062$20,000\u2064 in \u200dfederally held\u200c student\u200b loans for\u2063 borrowers earning less than\u200b $125,000. \u200dHowever, this plan was struck \u2063down by the\u2064 Supreme Court \u2064as\u200d an \u200doverreach \u200bof \u2064executive \u200dpower.\u200b The \u2062administration \u200dis \u200dnow\u200b exploring\u200d alternative\u2064 means to\u200c implement\u2062 a similar forgiveness \u200cplan.<\/p>\n<h3>Political Reactions<\/h3>\n<p>The Wharton School\u2062 of\u200b Business\u2062 report \u2064has sparked political debate, \u200dwith Senator Bill \u200bCassidy\u200b (R-LA) criticizing\u200b the changes \u200dto\u200b the IDR\u200c program\u200d as \u200d&#8221;irresponsible\u2064 and\u2064 unfair.&#8221;\u2062 Cassidy \u2064argues \u200bthat\u2062 the burden \u200cof student\u200c loan\u2064 repayment is \u200dbeing \u200dshifted \u200dfrom\u2063 those\u200d who willingly \u200dtook\u2062 out loans\u2062 to\u2063 Americans who\u2064 never\u200c attended\u2063 college or have\u2063 already \u200cpaid off \u200dtheir\u200c loans.<\/p>\n<p>White \u200bHouse press\u200c secretary\u200b Karine Jean-Pierre, \u2064on \u2064the \u200dother hand, \u2064dismissed the Penn \u200cWharton \u200breport during a \u200d<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pentagon-deploys-additional-firepower-to-the-middle-east-to-deter-iran\/\" title=\"Pentagon boosts firepower in Middle East to deter Iran.\">press\u2064 briefing<\/a>. She \u200dstated that \u2062the\u2062 Department of \u200dEducation estimated the cost\u200c to be $156 billion over \u200c10 years \u200band\u200b emphasized that the\u2063 administration&#8217;s actions\u2063 are\u200c aimed \u2063at reducing \u200cthe deficit.<\/p>\n<p>Despite\u200d differing opinions, the Biden\u200c administration&#8217;s regulatory changes\u200d to\u200d the\u2064 IDR \u2063program continue to\u2064 be \u200da\u200b topic of discussion and\u200c scrutiny.<\/p>\n<p><a\u2064 href=\"https:\/\/www.washingtonexaminer.com\">Click here<\/a>\u200b to read \u2062more \u2064from \u200bThe Washington\u2063 Examiner.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Biden administration&#8217;s regulatory alterations to the Income Driven Repayment program for student loans are projected to incur a cost of approximately $500 billion over ten years, as per a recent report by the Penn Wharton School of Business. The modifications enable borrowers to make payments on their student loans.<\/p>\n","protected":false},"author":1,"featured_media":1976598,"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":[538],"tags":[],"class_list":["post-1976597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"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\/1976597","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1976597"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1976597\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1976598"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1976597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1976597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1976597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}