The White House says more than 40 million Americans may be affected by the student loan changes, and half of those could see their entire balance eliminated.
President Joe Biden's student loan cancellation plan will cost an estimated $400 billion over 30 years, according to the Congressional Budget Office.
Biden last month announced a plan to forgive $10,000 in federal student loans for borrowers earning less than $125,000 a year. The CBO is a nonpartisan agency that calculates the costs of federal revenue and spending plans for Congress. President Joe Biden's student loan cancellation plan will cost an estimated $400 billion over 30 years, according to the Congressional Budget Office.
Biden last month announced a plan to forgive $10,000 in federal student loans for borrowers who earn less than $125,000 a year, or have a household income of under $250,000 if filing jointly. Low-income Pell Grant borrowers are eligible for an additional $10,000 cut.
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