{"id":1977480,"date":"2023-07-19T14:58:02","date_gmt":"2023-07-19T18:58:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-student-loan-forgiveness-2-0-could-cost-an-estimated-475-billion\/"},"modified":"2023-07-19T14:59:23","modified_gmt":"2023-07-19T18:59:23","slug":"bidens-student-loan-forgiveness-2-0-could-cost-an-estimated-475-billion","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-student-loan-forgiveness-2-0-could-cost-an-estimated-475-billion\/","title":{"rendered":"Biden&#8217;s Student Loan Forgiveness 2.0 may incur a hefty $475B expense."},"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\">22<\/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-student-loan-forgiveness-2-0-could-cost-an-estimated-475-billion%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=1977480&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>President \u200dBiden&#8217;s New Plan to \u2062Erase Student Loan Debt \u200bCould Cost \u200c$475 Billion<\/h2>\n<p>According to \u200ceconomists at \u200dthe University of \u2063Pennsylvania,\u200c President Joe Biden&#8217;s new \u200bplan\u2064 to\u2064 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-stealth-change-to-student-loan-forgiveness-scheme-could-cut-out-millions-of-borrowers\/\" title=\"Biden\u2019s Stealth Change To Student Loan Forgiveness Scheme Could Cut Out Millions Of Borrowers\">erase student loan debt<\/a>, following the \u2062Supreme \u2064Court&#8217;s\u200b blockage \u2064of his initial plan, could have\u2062 a price \u200ctag\u200d of around $475 billion.<\/p>\n<blockquote><p>\n \u2063 <\/p>\n<p>The Court last month <a\u200b href=\"https:\/\/freebeacon.com\/latest-news\/supreme-courts-student-loan-ruling-could-save-us-more-than-300-billion\/\">overturned<\/a> Biden&#8217;s order \u200bto \u200dgive borrowers $10,000 to\u200d $20,000 in\u200b one<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/supreme-courts-student-loan-ruling-could-save-us-more-than-300-billion\/\" title=\"Supreme Court's Student Loan Ruling: Potential 0B+ Savings for US\">-time student debt forgiveness<\/a>. \u200cThe Court\u200c stated that \u2063the \u200bpresident exceeded\u200c his \u200bpowers and bypassed Congress&#8217;s authority to legislate spending.<\/p>\n<\/blockquote>\n<p>The administration swiftly \u200cintroduced an alternative\u200d plan to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-four-undecided-supreme-court-rulings-that-could-come-today\/\" title=\"Four potential Supreme Court rulings today remain undecided.\">alleviate student debt<\/a>. In a recent announcement, Biden\u2062 unveiled \u200bthe \u2062Saving on\u200b Valuable Education (SAVE)\u200c plan, \u2064proposed by the Education Department. This \u2062plan aims \u200bto reduce\u200c loan payments by thousands of dollars over the \u200bcourse \u2062of borrowers&#8217; lives.<\/p>\n<p>Under this policy, individuals \u2062earning less than \u2063$32,805 per year would see\u200c their monthly\u2064 payments reduced \u2062to \u2063$0.<\/p>\n<p>The SAVE plan,\u2063 set to take effect\u2062 in July 2024, is \u200cestimated to cost\u2062 approximately $475 billion over \u2062the\u200d next \u2062decade,\u2062 according to the Penn \u2063Wharton Budget Model.\u200c However, the actual cost could potentially \u2064be even higher, as\u2064 reported by <em>The Hill<\/em>:<\/p>\n<blockquote>\n<p><em>The model predicts\u200d that $200 billion will be allocated towards payment reductions from the $1.64\u200c trillion in\u2062 outstanding loans in 2023, while the remaining $275 billion will \u2063go towards \u200dthe\u200c expected \u200b$1.03\u2063 trillion in \u2063outstanding loans\u2064 over\u200b the next 10 years.<\/em><\/p>\n<p>  \u2064<\/p>\n<p><em>It is projected that approximately \u200b6.57 percent of future borrowers will \u2064not have to repay \u200cany money under this plan.<\/em><\/p>\n<\/blockquote>\n<p>On the conservative\u2063 side, the\u200d model \u200bsuggests \u2063that the program\u200c could cost around $390 billion, with a maximum projection exceeding $558 billion.<\/p>\n<p>The Supreme Court&#8217;s 6-3 \u200ddecision \u200bto overturn Biden&#8217;s initial attempt \u2064at <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-student-loan-forgiveness-2-0-could-cost-an-estimated-475-billion\/\" title=\"Biden's Student Loan Forgiveness 2.0 may incur a hefty 5B expense.\">student debt forgiveness saved<\/a>\u200b the United States\u200d an estimated $300 \u200cbillion in spending. The Education\u200b Department had previously estimated that\u200c the debt relief \u2064would cost $30 billion\u2064 annually for the next\u200b decade.<\/p>\n<h3>Published under:<\/h3>\n<ul>\n<li><a href=\"https:\/\/freebeacon.com\/tag\/debt\/\" title=\"View all posts in Debt\">Debt<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden&#8217;s revised student loan debt elimination plan, following the Supreme Court&#8217;s rejection of his initial proposal, may incur a cost of approximately $475 billion, as estimated by University of Pennsylvania economists. The Court recently invalidated Biden&#8217;s directive to grant borrowers $10,000 to $20,000 in singular student debt forgiveness, citing presidential overreach.<\/p>\n","protected":false},"author":1613,"featured_media":1977481,"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":[544],"tags":[],"class_list":["post-1977480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon"],"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\/1977480","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\/1613"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1977480"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1977480\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1977481"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1977480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1977480"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1977480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}