plan would cost taxpayers roughly $400 billion
ABOVE VIDEO: Fox News’ Shannon Bream provides breaking details on the Supreme Court’s decision, and constitutional law professor Jonathan Turley provides analysis.
(FOX NEWS) – The White House source said Biden intends to blame Republicans for denying student borrowers the relief he promised to deliver to them.
Biden’s student loan initiative, which had been on hold pending litigation, involved the federal government providing up to $10,000 in debt relief – and up to $20,000 for Pell Grant recipients – for people who make less than $125,000 a year. The program was expected to cost the government more than $400 billion.
Biden made the unprecedented push for debt cancelation in August 2022, and his administration accepted some 16 million applications before Republicans objected, and the program was put on hold.
Republicans argued Biden lacked the authority to unilaterally forgive student loans. Estimates from the Congressional Budget Office said Biden’s plan would cost taxpayers roughly $400 billion. Republicans were outraged at the total, arguing the forgiveness would be unfair to those who either paid their way through college, repaid their loans or never attended college in the first place.
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