The cost of this program will likely fall on the backs of taxpayers, and one group of researchers found the student loan forgiveness program could cost about $2,500 per taxpayer.
DENVER, Colo. — Many borrowers are excited about President Biden's student loan forgiveness program, but now, there's a question of how much this will cost the country and who is going to pay for it.
His organization calculated that with an estimated $400 billion cost for the forgiveness program based on the number of people with student loans, divided by the number of American taxpayers , the average cost for the program would be $2,500 per taxpayer.But increased taxes in the future is still a possibility. The government could also decrease spending or increase the national debt.
Beverly Moran, professor emerita of law at Vanderbilt University, views the issue differently. She said this is a cost our nation should help with. She acknowledged this forgiveness plan has high costs and is frustrated that it doesn't help fix the bigger issue of how expensive higher education has become.
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