Joe Biden’s decision to write off some of the colossal student loan debt will cost about $400 billion, the Congressional Budget Office has estimated
Six US states sued in federal court against the student loan debt forgiveness program recently announced by the US president Joe Biden.
Ahead of the first deletions next week, its state authorities Nebraska, Arkansas, Iowa, Kansas, Missouri and South Carolina filed appeals requesting the immediate suspension of the program.
The decision of the American president Joe Biden to erase some of the colossal debt accumulated by student loans would cost about $400 billion, the Congressional Budget Office estimated in a report released last Monday.
Republicans accuse President Biden of causing a fiscal quagmire with this measure he announced on August 24, judging that public money can be used in a much more efficient way.
The US president pledged that debts of $10,000 will be written off for those who had not received a federal college loan and 20,000 for those who had — presumably the latter have lower incomes.
The measure, which applies to those with annual incomes below $125,000, continues to draw objections in a country where each year of college can cost tens of thousands of dollars.
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