Biden’s under-the-radar budget bomb: A new student loan repayment plan | Beth Akers
. That’s an enormous sum. But it’s less than the newly estimated cost of the plan that Biden has to change how student borrowers repay their loans. Estimates published by the Penn Wharton Budget Model at the University of Pennsylvania indicate that the “SAVE” plan could actually cost taxpayers up toHow on earth is Biden making this happen? Well, mostly by telling borrowers they needn’t pay back so much of their debt.
We’ve long had in place programs that protect borrowers from facing unaffordable student loan payments in times of depressed earnings These programs are collectively referred to as. These programs should exist; we don’t want people spending their lifetimes under the weight of unaffordable student debt.
Borrowers who are truly struggling with student loans were already eligible for relief. So those who are made newly eligible for relief by the President’s SAVE plan are, by construction, not among the neediest borrowers, and, by virtue of having the privilege of education after high school, far from the neediest Americans.
As the White House and the Department of Education get closer to implementing this new program, we’re likely to see legal challenges to the effort. Perhaps these will enable the courts to once again stand in the way of an ill-conceived effort to undermine our system of student lending. But if they don’t, this move will prove to be tremendously costly to Americans, both in dollars and in the sense that it will upend our current system of higher education finance; and not for the better.
It’s time for the White House to stop it with these ill-conceived, overreaching efforts and work with Congress to pass some sensible and overdue reforms.blog and is reprinted with kind permission from the American Enterprise Institute
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