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A lot of the new package has already been secure not as much as Save yourself, however, secret brand new arrangements enhance the cost much more. (iStock)

President Joe Biden’s new student debt elimination proposal would bring relief for millions more Americans, but a Penn Wharton Budget Model (PWBM) analysis shows it could add another $84 billion to an already costly plan.

The Biden Administration released a formal suggestion to provide student debt relief to over 30 million borrowers. The new plan also proposes to eliminate accrued interest for 23 million borrowers and automatically discharge debt for borrowers eligible for loan forgiveness under SAVE, closed school discharge or other forgiveness programs, even if not enrolled. Additionally, student debt for borrowers who entered repayment for 20 or more years would be discharged. Continue reading →