Skip to content

Key Part of Biden’s Student Loan Plan Carries Hefty Price Tag

Changes to income-driven repayment could cost more than $350 billion, according to research from Wharton. 

Bloomberg business news
Companies Will Offer 401(k) Matches for Student Loan Payments
Updated on

A central piece of President Joe Biden’s student-debt reform package could cost as much as $361 billion over the next decade, according to a new estimate from the University of Pennsylvania’s Wharton School. 

The changes to income-driven repayment, which the Department of Education formally proposed earlier this month, would cut monthly bills for undergraduate borrowers in half and fast-track eventual forgiveness of the loans.