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 forgiveness 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 (IDR) plan 2. Borrowers begin paying once their income exceeds $80,000 per year. After 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 ($4,000 per year or $333 per month) in loan payments. A borrower with $80,000 of income would pay 15%, or $1,000 per month in loan payments. or 300% of the poverty line, $80,000 in 2020. Explain, using economic terms (for example, efficient, marginal benefit, marginal cost) describe a solution to this dilemma, what the cost to society, that is, the government, of engaging in a student loan forgiveness program . Explain why no option considered in this program makes college more affordable. Is it possible this program could increase the cost of higher education? Why or why not? Edit View Insert Format Tools Table