Biden's Student Loan Forgiveness Plan Could Come At a Cost

Biden's Student , Loan Forgiveness Plan , Could Come At a Cost.

'Newsweek' reports that President Joe Biden's proposed $430 billion student debt relief plan is currently being weighed by the Supreme Court.

'Newsweek' reports that President Joe Biden's proposed $430 billion student debt relief plan is currently being weighed by the Supreme Court.

Justices will hear arguments in two cases opposing Biden's authority to cancel loans held by tens of millions of people in the United States.

'Newsweek' reports that critics of the plan have cited the sizable price tag and pointed to the current state of the economy.

According to the Congressional Budget Office (CBO), the plan would cost an estimated $430 billion over the next 30 years.

'Newsweek' reports that the CBO's estimate would come out to approximately $2,730, or $91 dollars annually, for each taxpayer.

.

'Newsweek' reports that the CBO's estimate would come out to approximately $2,730, or $91 dollars annually, for each taxpayer.

.

The CBO projections are in many ways fictional best guesses, Caroline Bruckner, Tax professor at American University, via Newsweek.

It's hard to accurately estimate over a 30-year window and I have been advised by multiple economists to not bother trying in my own research, Caroline Bruckner, Tax professor at American University, via Newsweek.

Previously, 'Newsweek' reported that the cost would be roughly equivalent to stimulus checks given to U.S. taxpayers since the beginning of Biden's presidency.

Joann Weiner, an associate professor of economics at George Washington University, warns that the proposed debt relief plan could force schools to hike tuition rates