The limits built into President Joe Biden's plan to forgive some student loan debt have irked some, but it's not even clear that the offer as is would survive legal challenges.
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The limits built into President Joe Biden's plan to forgive some student loan debt have irked some, but it's not even clear that the offer as is would survive legal challenges.
According to data compiled by the Education Department, 40 million federal student loan borrowers across all 50 states will get at least some portion of their loan balances forgiven under Biden’s new plan. Of those, half will have their federal student loans completely eliminated.
President Joe Biden announced in August that he would move forward with “forgiving” billions of dollars in federal student loan debt. As Spencer noted, this cost more than $300 billion
The president’s loan forgiveness plan is narrow and paltry—and his administration’s preparation to fend off outraged criticism from both sides of the aisle speaks volumes.
While money has yet to go out the door from President Joe Biden's $500 billion student debt transfer, his next move in the higher education sector could have a much more significant impact on both borrowers and taxpayers.
