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Biden Exposed, Caught Bamboozling Voters

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This is a disgusting level of manipulation.

Following the Supreme Court’s decision on student loans, a personal finance expert has shed light on what the Biden administration isn’t widely publicizing about its new repayment plan. Jade Warshaw, co-host of “The Ramsey Show,” expressed her concerns on FOX Business’ “Mornings with Maria.”

According to Fox, Warshaw revealed that while the administration promotes loan forgiveness, they fail to mention the considerable time it takes to achieve that forgiveness. The newly introduced student loan plan, known as the Saving on a Valuable Education (SAVE) plan, aims to reduce monthly payments based on income levels. Borrowers could potentially see their monthly payments reduced to zero or by half, with potential annual savings of up to $1,000, according to a statement from the White House.

However, Warshaw emphasized that to qualify for forgiveness under this plan, borrowers would need to repay their loans for an extended period. For instance, to achieve forgiveness with $12,000 of student loan debt, one must make payments for ten years. Moreover, for every additional thousand dollars, another year of payments is required. With the average borrower holding around $30,000 of student loan debt, it could take up to 30 years before seeing any forgiveness, making it a lengthy and uncertain process.

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The student loan repayment was initially set to resume after a three-year pause due to the COVID pandemic. During this period, only about 1% of borrowers continued making payments, while others used the extra funds for various expenses like buying cars or engaging in retail shopping.

The revamped SAVE plan, which was rejected by the Supreme Court, has raised concerns about the cost to taxpayers. An analysis from the University of Pennsylvania’s Penn Wharton budget model estimated that it could cost U.S. taxpayers $475 billion over a decade, with about $869 billion subject to enhanced subsidies under SAVE.

Warshaw criticized the plan, stating that it seems like a way for the president to secure votes through offering incentives. She emphasized that borrowers should be aware of the impending repayments and encouraged them to get organized and create a budget to manage their payments effectively. The expert stressed that borrowers should take responsibility for the debt they signed for and be proactive in repaying it.