When asked in student loan relief was 'fair,' President Biden questioned if tax breaks for the wealthy were fair.
RELATED: Biden announces cancellation of student loan debt, extends freeze [ Ссылка ]
A one-time maximum debt forgiveness of $10,000 per borrower will cost the U.S. government around $300 billion for borrowers with incomes less than $125,000, according to analysis published on Tuesday by Junlei Chen and Kent Smetters at the Penn Wharton Budget Model, based at the University of Pennsylvania. This cost increases to $330 billion if the program continues over the standard 10-year budget window.
Before the announcement, the Government Accountability Office estimated that alone, the payment pause since the start of the pandemic cost the government $102 billion. That amount included suspending all payments due, interest accrual and involuntary collections for loans in default from March 13, 2020, to Aug. 31, 2022.
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