President Biden's plan to cancel federal student loan debt for some borrowers could cost $400 billion, Congressional Budget Office report says
President Joe Biden’s plan to cancel up to $20,000 in federal student loan debt for low- and middle-income borrowers could cost $400 billion, according to a Congressional Budget Office report released Monday. Biden announced the forgiveness plan in August, after facing mounting pressure from progressives to broadly cancel some student loan debt. The Department of Education plans to release an application for the program in October. No student debt has been canceled yet.
Elizabeth Warren, have been pressuring Biden to cancel up to $50,000 in federal student loan debt per borrower since he took office. While the President’s plan will cancel less debt than they called for, Democrats have applauded the move. In a joint statement released Monday, Schumer and Warren called Biden’s forthcoming cancellation action “transformative” for the middle class.
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