"Biden's Student Loan Plans: Impact on Taxpayers, Inflation, and Voter Preferences"

President Biden's student loan cancellation plans are estimated to cost taxpayers $559 billion, with households earning over $300,000 benefiting the most, according to a study by the University of Pennsylvania. The new plan will relieve longer-term student debt for about 750,000 households with an average income of over $312,000, drawing criticism from House Budget Committee Chairman Jodey Arrington. The Penn Wharton Budget Model does not account for the administration's additional $7.4 billion student debt cancellation announcement, and at least 10% of borrowers have been approved for some debt relief under the Biden administration's various student loan cancellation programs.