President Biden’s new student debt plan could cost up to $1.4 trillion, surpassing all historic federal education spending. With executive actions and targeted initiatives, Biden’s approach aims to alleviate borrower burdens but faces sharp criticism.
Massive Cost of Biden’s Student Debt Plan
President Biden’s latest student debt plan, combined with earlier policies, could cost between $870 billion and $1.4 trillion if fully implemented. This estimate comes from a new report by the Committee for a Responsible Federal Budget (CRFB).
Record-Breaking Debt Cancellation
The report notes that this student loan debt cancellation surpasses all federal spending on higher education in the nation’s history. The majority of this debt relief has been enacted through executive actions by the Biden administration.
Breakdown of Debt Cancellation
Already, $620 billion in debt cancellation has been implemented. This includes $275 billion from Biden’s new income-driven repayment program, SAVE, and $195 billion from 41 months of interest cancellation during the COVID-19 pandemic.
Additional Targeted Initiatives
Another $150 billion comes from targeted initiatives, such as forgiving debts of students from closed schools and enhancing existing forgiveness programs. Biden’s latest proposal could add an estimated $250 billion to $750 billion to this total.
New Cancellation Plan
The new plan, announced last month, aims to cancel up to $20,000 for certain borrowers. This includes those with unpaid interest, those in repayment for over 20 years, and students in low-financial-value programs or at high risk of default.
White House Stance
The White House defends these measures, stating that Biden’s efforts aim to ensure higher education is accessible and not a barrier. They argue that debt cancellation benefits both borrowers and the overall economy.
Historic Spending Comparison
According to CRFB, the total cost of these plans exceeds all historic federal spending on higher education prior to the COVID-19 pandemic. From 1962 to 2019, such spending amounted to $744 billion.
Comparison to Other Education Costs
The projected costs also surpass those of proposed universal pre-kindergarten and child care programs, which would cost $750 billion. Additionally, it exceeds the $675 billion needed to triple the Pell Grant program for low-income students.
Future Federal Education Spending
At the high end, this debt relief cost would exceed the federal education spending projected over the next decade. This spending is estimated at $935 billion from 2025 to 2034.
CRFB’s Critique
The CRFB criticizes these student debt policies as costly, inflationary, and poorly targeted. They argue these measures do not align with the goal of reducing college costs.
Call for Reform
The CRFB urges lawmakers to collaborate on reforms that genuinely address student loan issues. They emphasize the need to tackle the cost and quality of higher education.
Final Thoughts
Biden’s ambitious student debt plans face significant scrutiny over their financial impact. As debates continue, the focus remains on finding sustainable solutions for higher education funding.
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