Many Americans are familiar with the president’s headline efforts to cancel student debt altogether (currently awaiting consideration by the Supreme Court following legal challenges), but fewer know that the White House’s student loan forgiveness agenda, which includes several lesser known policy actions, has already cost taxpayers billions; $255 billion, to be exact.
Earlier this week, the American Enterprise Institute (AEI) published a new data tool; the student loan forgiveness tracker. This effort, led by my colleague Nat Malkus, provides a running total of federal revenue forfeited thus far during the Biden administration (and to a lesser extent, the Trump administration) through changes to student loan repayment policy—provides a critical contribution to the public discourse on the issue of student loan cancellation.
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