Dave Ramsey
(FOX BUSINESS) – President Biden on Wednesday announced a student loan handout program that essentially will use taxpayer money to pay off up to $10,000 of student debt per borrower making less than $125,000 per year.
Biden also said he will cancel up to $20,000 for Pell Grant recipients — while extending the pause on federal student loan payments through the end of the year.
A Penn Wharton Budget Model found that a one-time maximum debt forgiveness of $10,000 for borrowers who make less than $125,000 will cost taxpayers around $300 billion — and some economists argue it will spur inflation. Meanwhile, the Committee for a Responsible Federal Budget has determined that the total cost of the handouts will amount to $500 billion.
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