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Question 29 17 pts Assume you have been tasked with choosing which student loan forgiveness program, if any. If you choose not to implement a student loan forgiveness plan, please explain economically, why you chose this option. Here are the 3 loan torgiveness option choices: 1. Income driven repayment (IDR) plan 1 Borrowers begin paying once their income exceeds $40.000 per year. After 20 years, any remaining loan balances are forgiven. 2. Income driven repayment (DR) plan 2 Borrowers begin paying once their income exceeds $80.000 per year. Alter 20 years, any remaining loan balances are forgiven. 3. Payments are not income driven. All borrowers may receive forgiveness up to $50.000 per borrower. Payments are paid over 20 year payback period Borrowers make loan payments equal to 10 to 15% of their income each year. For example, a borrower with $40,000 of income would pay 10% of her income (54,000 per year or $333 per month in toan payments. A borrower with $80,000 of income would pay 15% or $1.000 per month in town payments or 300% of the poverty line, $80,000 in 2020, Explain, using economic terms (for example, efficient, marginal benefit, marginal cost describe solution to this dilemma, what the cost to society, that is, the government of engaging in a student loan forgiveness program Explain why nie option considered in this program makes college more affordable it possible this Beogram could increase the cost of higher education Why or why not? Www For Tochte 1204 Pengah BIA s 4 8 7 3 UT 6 9 E R. T T U D F G H K C > B N M Question 29 17 pts Assume you have been tasked with choosing which student loan forgiveness program, if any. If you choose not to implement a student loan forgiveness plan, please explain economically, why you chose this option. Here are the 3 loan torgiveness option choices: 1. Income driven repayment (IDR) plan 1 Borrowers begin paying once their income exceeds $40.000 per year. After 20 years, any remaining loan balances are forgiven. 2. Income driven repayment (DR) plan 2 Borrowers begin paying once their income exceeds $80.000 per year. Alter 20 years, any remaining loan balances are forgiven. 3. Payments are not income driven. All borrowers may receive forgiveness up to $50.000 per borrower. Payments are paid over 20 year payback period Borrowers make loan payments equal to 10 to 15% of their income each year. For example, a borrower with $40,000 of income would pay 10% of her income (54,000 per year or $333 per month in toan payments. A borrower with $80,000 of income would pay 15% or $1.000 per month in town payments or 300% of the poverty line, $80,000 in 2020, Explain, using economic terms (for example, efficient, marginal benefit, marginal cost describe solution to this dilemma, what the cost to society, that is, the government of engaging in a student loan forgiveness program Explain why nie option considered in this program makes college more affordable it possible this Beogram could increase the cost of higher education Why or why not? Www For Tochte 1204 Pengah BIA s 4 8 7 3 UT 6 9 E R. T T U D F G H K C > B N M