Student-Loan Relief Plan Will Cost $24 Billion a Year, White House Says.

BIDEN, Joe, 1942-; CABLE News Network; UNITED States. Executive Office of the President; COST; DEBT cancellation; LOANS; INCOME; UNITED States federal budget; FEDERAL budgets; STUDENT loans

A new Penn Wharton analysis released Friday morning estimates the debt cancellation alone will cost as much as $519 billion, with the loan forbearance costing $16 billion and the new income repayment plan $70 billion. Keywords: ALLTOP; BUSINESS; EXE; GEN; GENTOP; GOV; MARKETS; NORTHAM; TOP; US; WORLD; WWTOP; WWTOPAM EN ALLTOP BUSINESS EXE GEN GENTOP GOV MARKETS NORTHAM TOP US WORLD WWTOP WWTOPAM RH88A7T0AFB5 White House press secretary Karine Jean-Pierre offered up the new figure on CNN Thursday night, after being repeatedly pressed in the daily briefing on the potential cost of the package. Biden's sweeping plan for student-debt relief will forgive as much as $20,000 in loans for some recipients and allow borrowers with undergraduate loans to cap repayments at 5% of their monthly income. [Extracted from the article]

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