Experts predict that Biden’s student loan forgiveness will spike college tuition costs. Leading Democrats argue the money would be better spent to help children who can’t afford college to get an education – sadly this program will put college farther out of reach for most families.

President Biden’s student loan handout will cause already soaring college tuition costs to spike even further, according to multiple economy and education experts who spoke with FOX Business on Wednesday.

Americans are poised to foot a nearly $300 billion deal with Biden’s announcement Wednesday to cancel $10,000 for each student loan borrower, $20,000 for borrowers who received Pell Grants, and extend a repayment pause through Dec. 31, 2022.

The handout only applies to borrowers earning less than $125,000 a year, and undergraduate loan borrowers can cap repayment at 5% of their monthly income, Biden said.

According to the Penn Wharton Budget Model, the handout will cost around $300 billion for taxpayers and will increase to around $330 billion if the program is continued over the standard 10-year budget window.

www.foxbusiness.com/politics/bidens-student-loan-handout-cause-college-tuitions-spike-experts-say

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