Bronson Winslow on October 3, 2022
President Joe Biden’s student loan forgiveness plan will largely help borrowers whose salaries are in the top half of American incomes, according to a Monday analysis by the Committee for a Responsible Federal Budget (CRFB).
Biden announced in August his plan to forgive $10,000 in student loans for individuals making less than $125,000 or families making less than $250,000, forgiving an additional $10,000 for individuals who received Pell Grants. The plan, though marketed by the Biden administration as support for low-to-middle class borrowers, will provide between 57% to 65% of benefits to individuals in the top 50% of income brackets, according to the analysis.
“The actual benefit is likely to be more regressive,” the report read.
The analysis found that the loan forgiveness plan will benefit high-income borrowers because many will be grandfathered in based on their reduced 2020 earnings, while many low-income buyers will be excluded due to a lack of resources.
The Congressional Budget Office (CBO) estimates only 90% of those eligible will apply for loan forgiveness while the Department of Education only expects 81%. The disparity in loan applications is predicted to affect low-income borrowers who have fewer resources and less access to apply for the forgiveness, according to CRFB.
The method for determining the income of applicants is also flawed, the analysis argued, as the metrics used to qualify an applicant are based on 2020-2021 income statements, which may be lower for higher-income earners due to increased turnover in high-income jobs during the COVID-19 pandemic.
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Coastie Patriot
SIC SEMPER TYRRANIS
THE SAME PEOPLE WHO SAID NO GUNS BECAUSE OF POLICE NOW WANT TO DEFUND THE POLICE!!!!
Dr Thaddeus They
They don't really care whether the truth gets out, because the public no longer knows what's meant by "the truth."
Well, I mean, no one can tell the difference anymore between what's real and what's fake.
Anyway, the point is, I can tell you all of this, right out in the open, because it doesn't matter who knows about it. They won't know whether to believe it or not.-
X Files: Lost art of Forehead Sweat
A gun is a tool, Marion, no better or no worse than any other tool, an axe, a shovel or anything. A gun is as good or as bad as the man using it. Remember that.
-SHANE-
Jefferson Smith: You see, boys forget what their country means by just reading The Land of the Free in history books. Then they get to be men they forget even more. Liberty's too precious a thing to be buried in books, Miss Saunders. Men should hold it up in front of them every single day of their lives and say: I'm free to think and to speak. My ancestors couldn't, I can, and my children will. Boys ought to grow up remembering that . - MR Smith Goes To Washington-
to grow up remembering th
My oath to support and defend the constitution against all enemies foreign and domestic has no expiration date!!!
Ten Bears : It's sad that governments are chiefed by the double tongues. There is iron in your words of death for all Comanche to see and so there is iron in your words of life. No signed paper can hold the iron. It must come from men. Outlaw Josey Wales
United States
