New Biden stu­dent loan for­give­ness plan would cost $84 bil­lion if imple­ment­ed, analy­sis finds

Pres­i­dent Joe Biden’s new stu­dent loan for­give­ness plan would cost $84 bil­lion if imple­ment­ed, a new analy­sis found.
Accord­ing to the Penn Whar­ton Bud­get Mod­el, which released its analy­sis Thurs­day, the $84 bil­lion is in addi­tion to his pre­vi­ous­ly stat­ed SAVE plan, which the orga­ni­za­tion esti­mates could cost tax­pay­ers $475 bil­lion.
“We esti­mate that Pres­i­dent Biden’s recent­ly announced ‘New Plans’ to pro­vide relief to stu­dent bor­row­ers will cost $84 bil­lion, in addi­tion to the $475 bil­lion that we pre­vi­ous­ly esti­mat­ed for Pres­i­dent Biden’s SAVE plan,” PWBM said in its sum­ma­ry of the analy­sis. “More­over, some debt relief in the New Plans accrues to bor­row­ers in house­holds with income more than the SAVE plan cov­er­age.”
Biden’s new plan con­tains five main pro­vi­sions: waiv­ing accrued and cap­i­tal­ized inter­est for mil­lions of bor­row­ers; elim­i­nat­ing stu­dent debt for …