Saturday, May 18, 2024

Households Earning $300k+ a Year Are Biggest Beneficiaries of Biden's New Student Debt ‘Cancellation’ Plan

By Jon Miltimore, Washington Examiner, April 26, 2024- President Joe Biden introduced new provisions to his student debt relief plan earlier this month, and the primary beneficiaries are high-income earners, according to a new analysis released by the Wharton School of the University of Pennsylvania.

While Biden’s 2023 SAVE Plan already put taxpayers on the hook for $475 billion, the new plans add another $84 billion to the tally — largely by “canceling” the student debt of some 750,000 households making more than $312,000 a year on average. ... the public treasury is being used to pay off the student loans of families who represent the top 5% of earners in the United States. (link)

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