Republicans continue their assault on Student Loans.
In addition to them attempting to block/end the student loan forgiveness program, there "Limit, Grow Act" bill that passed the house also targets new student loan repayment options set to go into effect later this year.
The updated income based repayment program particularly. Republicans are calling it "radical", big surprise there, and saying "it will cost taxpayers more money than any other regulation in our nation's history".
Before the student loan payment pause, millions of people defaulted on student loans every year. Mainly because they either didn't finish school and didn't end up with a job that pays enough to be able to make their payments, or they did complete school and their job doesn't pay them enough to be able to afford their minimum payments.
The new income based repayment program would make sure they can afford their payments. And prevent interest from ballooning, to solve the issue where currently income based repayment programs may have a payment that is less than interest resulting in the balance of loans to continue to grow and never be paid down.
Interest would essentially be forgiving for current and future student loan holders under this plan. Which republicans are stating will cost taxpayers between $100 and $350 billion over the next 10 years.
But is it really costing taxpayers money? It sounds more like it's costing revenue made by interest to me.