President's student debt relief plan may cost taxpayers $2,000.

By The Exchange Team

President Joe Biden revealed a plan to cancel up to $10,000 in federal student loans for individuals with earnings under $125,000.

Pell Grant applicants might see their debt reduced by up to $20,000 according to Biden's plan.

These experts argue the plan will cost taxpayers and offers little to alleviate higher education's unaffordability.

Andrew Lautz, Director of federal policy at the National Taxpayers Union, said there's a wealth transfer from society to college borrowers.

Lautz stated that this would have repercussions for the general public. There will be repercussions for taxpayers as well.

Biden's idea to forgive $10,000 per student loan borrower may cost the average taxpayer more than $2,000, according to Lautz's assessment.

This assumes that governments will pay for the forgiveness by tax hikes, budget cuts, borrowing, or a mix of these options.