Posted on 08/26/2022 1:09:57 PM PDT by ChicagoConservative27
The White House on Friday offered a cost estimate for President Biden’s student loan forgiveness plan, saying it would cost $24 billion annually over 10 years, or $240 billion.
Deputy Director of the White House National Economic Council Bharat Ramamurti told reporters at a White House briefing that the estimate assumed that 75 percent of those eligible for the student loan relief would take advantage of it.
(Excerpt) Read more at thehill.com ...
$240B times 3....
This is an interesting program.
Dems hired some very expensive consultants to determine which strategy (and how much) would product the most votes.
We’ll find out in Nov 2022 and Nov 2024 if they were right.
Ok so it’s an even trillion
as long as Mr Biden pays for his scheme himself
Exactly, you beat me to it.
You optimist, you.
> the estimate assumed that 75 percent of those eligible for the student loan relief would take advantage of it <
Well, that’s one way to make the cost seem less than it actually will be.
Susan Rice is doing the math ,LOL
At direct costs with no administrative costs to said loans modification it comes to $400 Billion. That just knocks down the average loan balance still owed by 21%. If you think they are going to pay the other 79% you need serious help. Total defaults will be the result.
Most credible estimates say $1 trillion.
Only if you have a mortgage in gender and queer studies.
Do they only cancel $1,000 per year or are only 10% allowed to join the program every year? Because I heard nothing about delays with this program. Or is he claiming they would be paid off over 10 years otherwise, so you can delay accounting for the cancellation over that period? Sounds crooked to me.
Of course. These people may have useless degrees, but they aren’t stupid. “Let’s see. Uncle Sugar paid off the first 21% of my loan. Should I continue paying on the balance?”
Multiply times 3
It seems that’s always the way spending gets reported these days. The money gets spent right now, but they talk about spending over a 10-year period. Yes, it is crooked.
That means it will cost a trillion dollars, minimum.
college tuition hike in 3....2....1....
Over ten years? Geez, won’t more low IQ pieces off schiff go to college for their gender studies degrees? Won’t this continue forever and ever. Won’t the cost of college go up and the $10,000 per student increase to $20,000 to $50,000?
Now let’s go back and look at what he said yesterday.
46 million with loans. 90% make under the income levels.
With the average loan at 8% with a life of 8 years or so….the math is pretty straightforward. The average payer would save about $170 a month.
170 x 41 million x 10 years is a lot more than $240 B.
The $240 B might be the interest lost, but it certainly isn’t the whole nut.
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