(The Center Square) – President Joe Biden's plans to cancel student debt for some borrowers could cost taxpayers up to $1.4 trillion, depending on how the plans are implemented, a new report estimates. The nonpartisan Committee for a Responsible Federal Budget estimated all Biden's recent debt cancellation efforts would cost a combined $870 billion to $1.4 trillion. "That’s more than all federal spending on higher education over the nation’s entire history,"...
The Biden administration's latest plan to wipe out federal student loan debt for millions of borrowers could add up to $750 billion to the national deficit, according to a Tuesday report from the Committee for a Responsible Federal Budget.So far, the White House has announced $150 billion in so-called student loan "forgiveness" programs over the last year following the Supreme Court's June decision to reject unilateral loan cancellations. The previously rejected program would have wiped out $430...
Student debt, a new Gallup report shows, is making it harder for young people to reach key life milestones. According to a Gallup survey of over 14,000 adults, over 70% of people say student debt has “delayed major life events” including moving out of their parents’ home, getting married, and having a child. Strikingly, there […]
A key deadline is approaching fast for a student loan cancellation opportunity.
Few issues have vexed the Biden administration like student loan forgiveness. Given that more than 40 million Americans owe money on their student loans, for a total of $1.6 trillion, few issues have such a large impact on so many. Democrats and progressives have long prioritized this matter, and President Joe Biden promised to fight for significant debt relief before taking office. Even though his ambitious proposal to use his executive authority to forgive $400 billion in student loan debt...
To be eligible, borrowers with any of four types of federally managed loans must consolidate them by April 30.
The Biden administration has announced dedicated R&D centers to push for semiconductor research to equip the country with domestic chip production capabilities and a solid workforce.
Last week, President Biden visited Madison, Wisconsin where he announced new details for his student debt cancellation plan. While this initiative promises immediate short-term financial relief, it avoids addressing the deeper systemic issues plaguing American higher education. “Starting this fall we plan to deliver up to $20,000 in interest relief to over 20 million borrowers […]
(The Center Square) - Iowa State Treasurer Roby Smith said Monday Iowa's debt obligations rose 3.9.% from fiscal year 2022 to fiscal year 2023, the lowest increase in five years. Iowa's debt obligations are at $20.9 billion, with cities issuing the most debt at $7.8 billion, a 4.1% increase over the last fiscal year, according to a report. Debt obligations are "bonds, notes, capital leases, anticipatory warrants and loans," according to Smith. Five cities make up...
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As the University of Southern California in Los Angeles canceled its main commencement ceremony because of safety concerns over student protests, students at Columbia University in New York, where anti-war demonstrations led to dozens of arrests, said they feared theirs could be disrupted. Schools across the country where protests have flared up are keeping mum about whether they will adjust or outright cancel their ceremonies, but some students said they feared a domino effect — much like what...
Graduates paying back their university debt should be given guarantees their loans will not rise above a certain level, higher education experts say, after another spike in indexation. Debt levels for HECS will increase by 4.7 per cent from June 1, following the release of official inflation figures that highlighted how stubborn prices pressures are. […]