Biden’s new student loan repayment plan would cost billions more than White House projected

A key part of President Biden’s student loan debt plan that would cut the monthly bill for certain borrowers could cost up to $361 billion over the next decade. The Penn Wharton Budget Model, a nonpartisan group at the University of Pennsylvania’s Wharton School, projected the proposal could cost between $333 billion to $ 361 billion. The plan would reduce monthly obligations for undergraduate borrowers by as much as half.

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