Estimates vary widely on how much President Joe Biden’s $10,000-20,000 per borrower cancellation of student loans will cost taxpayers, but a new analysis estimates the significant cost of a less-covered aspect of Biden’s plan.
When Biden announced the debt cancellation, he also announced an extension of student loan repayments “one final time” through Dec. 31 of this year. In March of 2020, then-President Donald Trump first suspended the repayments citing COVID-19. Since then, the suspension has been extended several times. Interest does not accrue while the payments are suspended.Read More