The new forgiveness plan targets income-driven repayment plans and automatically cancels all debt for people that have been making payments for over 20 years.
Scott's tweet cited a story from the conservative news outlet, The Daily Caller, which reported on an estimate from the Penn Wharton Budget Model that put the potential cost of the new plan at over $550 billion over the next decade, or around $55 billion a year. The Department of Education's own estimate, meanwhile, was much lower, totaling only $156 billion over the next decade, according to Politico.
In her own tweet last Friday, Blackburn accused the Biden administration's forgiveness plan of showing"no respect to our institutions," even though the new plan operates differently to the one struck down by theThe official White House account responded to the Republican senator, stating that"16,970 of Senator Blackburn's constituents are eligible for automatic loan relief under this Administration's fixes to the Income-Driven Repayment plan.
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