If It Sounds Like an Election Year Handout, That’s Because It Is
If this whole student bailout business costs $300 billion over 10 years, as some are estimating, then that wipes out the Schumer-Manchin deficit reduction. I never bought into their deficit reduction anyway.
The talk of the town is President Biden’s decision to cancel student loans for a large number of people who are mostly concentrated in the upper reaches of our national income. I’m being a bit vague here because I’m seeing a lot of numbers bandied about, but so far no official scorecard price-out from the CBO. Essentially, it sounds like a married couple earning $250,000 a year would be eligible for a bailout of roughly $20,000.
There are provisions for people working in nonprofits, there are Pell Grant loans involved, and enormous complexity from the White House fact sheet and other sources. My take is, this is a bad idea.
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