.POTUS's student loan forgiveness program is facing renewed scrutiny as it heads to SCOTUS. The policy, which has been blocked by federal courts, would cost $400 billion over the next decade.
In August, Biden announced a plan to eliminate $10,000 in student loan debt to borrowers who make less than $125,000 a year and $20,000 in loan forgiveness to Pell Grant recipients.The policy, which has been blocked by federal courts prior to the Supreme Court's review, would cost $400 billion over the next decade, according to the Congressional Budget Office, which said it was"highly uncertain" about the estimate.
The plan, despite its eye-popping price tag, has drawn praise from members of the president's party, who blasted Republicans for attempting to block the policy. Thank you President Biden for your strong and continued commitment to delivering life-changing relief to millions of Americans.In contrast, Republican politicians have blasted the policy as an unfair redistribution of wealth from noncollege-educated workers to educated elites and raised alarms about the policy's cost to the taxpayer.
“This policy before the Supreme Court does not forgive debt. It only transfers it from those who willingly took it on to taxpayers who chose not to go to college or worked hard and made sacrifices to pay off their loans," said Cassidy, the top Republican on the Senate Health, Education, Labor, and Pensions Committee.
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