The Biden administration's new student loan forgiveness plan could cost taxpayers hundreds of billions of dollars.
The Biden administration released its preliminary amendments to the Higher Education Act on Tuesday.
However, the current proposal doesn’t include what is likely the most expensive part: eliminating debt for borrowers at a high risk of default rule and those who show financial hardship. This part of the plan is estimated to cost between $100 billion and $600 billion over a decade. The default provision only extends for the next two years, but the hardship component has no expiration date, meaning future administrations could cancel student loan debt.
The Biden administration is facing two separate lawsuits representing 18 different states over his SAVE Plan.
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