It will take less than a decade for student loan debt to return to the level it was at before President Joe Biden canceled nearly half a trillion dollars of the debt at taxpayer’s expense, a new report from a leading budget group says.
The Committee for a Responsible Federal Budget (CRFB) released the analysis. They estimate that Biden’s debt cancellation of $10,000 per borrower and $20,000 for Pell Grant recipients will cost the federal government between $440 billion and $600 billion.
However, they say it will only take a few years for student debt levels to rise again, erasing the cuts of Biden’s cancellations….