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Biden estimates taxpayers are on the hook for $53 billion worth of student-loan losses from pandemic relief efforts

Joe Biden

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To provide pandemic relief to the 43 million borrowers in the country with federal student loans, President Joe Biden extended the pause on payments through September. His Education Department has even cancelled student debt for some groups of people.

Now there’s a number on how much those efforts increased losses in the federal student-loan portfolio: $53 billion.

The Wall Street Journal reported on Monday that the $53 billion estimate, which came from Biden’s recent budget proposal, is based on updated data on borrowers’ repayment rates to the government in recent years and reflects pandemic relief details ⇒

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