The President's new plan for student loan forgiveness could cost taxpayers half a trillion dollars over the next 10 years.
FILE - Students demonstrates about student loan debt outside the Supreme Court , June 30, 2023, in Washington. a pillar of his time in office. The administration’s latest announcement aims to cancel another $7.4 billion of debt mostly by waiving high amounts of accrued interest.explains that the new plan and other previous debt forgiveness plans will cost taxpayers big over the next decade. All told taxpayers could be on the hook for $559 billion for the next 10 years, the model projects.
Schmitt sued the Biden administration over debt forgiveness in 2022 when he was his state’s attorney general. “It’s unconstitutional, he has no authority under statute to do it, it was struck down before. I think this is an election year ploy," said Sen. Schmitt.
Debt Forgiveness Election Year President Joe Biden Sen. Eric Schmitt Student Loan Forgiveness Supreme Court Taxpayers
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