Individuals who make less than $125k/yr will get up to $10k of student debt forgiven, and up to $20k if they are Pell Grant recipients.Biden is also proposing a new income-based repayment program that will cut payments on undegraduate loans in half from 10% to 5%.The <a target="_blank" rel="noopener noreferrer nofollow" class="css-yywogo" href="https://www.crfb.org/blogs/new-student-debt-changes-will-cost-half-trillion-dollars">Committee for a Responsible Federal Budget calculates</a> the budget impact at somewhere between $440 billion and $600 billion over a decade. The University of Pennsylvania’s Penn Wharton Budget Model estimates <a target="_blank" rel="noopener noreferrer nofollow" class="css-yywogo" href="https://budgetmodel.wharton.upenn.edu/issues/2022/8/26/biden-student-loan-forgiveness">just over $600 billion</a> over 10 years.

Biden Announces Student Loan Debt Relief of up to $20k for Individuals Making Less Than $125k/yr

"The percentage of 25-34y old living with parents or relatives in the US1970: 11%2020: 29%Says something about wealth was distributed.Very little upside in real wages, and a lot in financial assets and house prices."

The percentage of 25-34y old living with parents or relatives in the US has almost tripled since 1970

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economics

t/economics

Biden Announces Student Loan Debt Relief of up to $20k for Individuals Making Less Than $125k/yr

The percentage of 25-34y old living with parents or relatives in the US has almost tripled since 1970