Cost of canceling student debt: $400 billion over a decade, agency says
The CBO noted that its estimates"are highly uncertain," given that they depend on the amount that borrowers would have repaid if the debt relief plan hadn't been created, as well as the amount that borrowers will repay after all or some of their loans are forgiven.
Under the Biden administration's plan, extra relief is provided for people who received Pell Grants, which are geared to low-income students. These borrowers will receive up to $20,000 in loan forgiveness, double the amount of other borrowers.
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Cost of canceling student debt: $400 billion over a decade, agency saysThe Biden administration's plan to cancel up to $20,000 in federal student loan debt for millions of Americans will cost the U.S. about $400 billion over a decade, according to the nonpartisan agency that conducts economic analyses of government policies.
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CBO: Biden's student debt plan would cost $400 billionPresident Joe Biden’s plan for student debt cancellation will cost the federal government about $400 billion over the next 30 years, according to new estimates from the Congressional Budget Office.
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CBO: Biden’s student debt plan would cost $400 billionPresident Joe Biden’s plan for student debt cancellation will cost the federal government about $400 billion over the next 30 years, according to new estimates from the Congressional Budget Office.
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Biden’s student debt plan will cost $400 billion, Congressional Budget Office estimatesThe Congressional Budget Office estimates that President Joe Biden’s plan for student debt cancellation will cost about $400 billion over the next 30 years....
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CBO: Biden’s student debt write-off costs taxpayers $400B, about 60% more than White House estimateThe CBO estimates that $430 billion in debt will be wiped out under Biden’s plan, assuming that 90% of income-eligible borrowers will apply for debt cancellation.
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CBO: Biden's student debt plan would cost $400 billion over 30 yearsBiden has played down the cost of the cancellation plan, saying it would be offset by other measures to reduce the federal deficit, including his landmark Inflation Reduction Act.
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