The Biden administration's regulatory changes to the Income Driven Repayment program for student loans are expected to cost taxpayers nearly $500 billion over a decade, according to a new report.
The report from the Penn Wharton School of Business said the changes to the program, which allows borrowers to make payments on their student loans based on their income level, will incur a net cost of $475 billion over the next 10 years.Last year, the administration announced it would be making significant changes to the IDR program. Previously, borrowers had to pay 10% of their discretionary income above the poverty line, and could get their loans forgiven after 20 years.
The changes to the IDR program are just one of the Biden administration's efforts to limit the number of student loans that borrowers have to repay. The president sought to forgive up to $20,000 in federally held student loans for borrowers making less than $125,000, but the Supreme Court struck down the effort as an overreach of executive power. The administration is currently looking toward alternative means of enacting the same forgiveness plan.
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