Biden’s Student-Loan Forgiveness Plan Could Cost $400 Billion, CBO Says

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Biden’s Student-Loan Forgiveness Plan Could Cost $400 Billion, CBO Says
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President Biden’s plan to cancel student debt for some borrowers will cost the federal government an additional $400 billion, according to an estimate from the Congressional Budget Office

Extension of the student-loan-repayment pause will cost another $20 billion, nonpartisan agency estimates

President Biden said his administration will forgive up to $20,000 in federal student loan debt for tens of millions of Americans. Independent estimates suggest the plan will cost more than $300 billion over 10 years. Photo: Evan Vucci/APfor some borrowers will cost the federal government an additional $400 billion, according to the nonpartisan Congressional Budget Office.

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