Biden has proposed a plan B student loan forgiveness proposal that would cost taxpayers an extra $84 billion, a recent Penn Wharton analysis said.
President Joe Biden's new student debt elimination proposal would bring relief for millions more Americans, but a Penn Wharton Budget Model analysis shows it could add another $84 billion to an already costly plan.The Biden Administration released a formal proposal to provide student debt relief to over 30 million borrowers.
Student loan forgiveness has reached millions even as the Supreme Court blocked Biden's original debt forgiveness plan last June. The latest round of cancellations targets $7.4 billion in student loans for 277,000 borrowers, the Department of Education said in a statement. This brings the total debt forgiven over Biden's presidency to $153 billion.
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