Biden’s Student Debt Forgiveness Plan Will Cost $400 Billion, CBO Finds
Posted on AllSides September 26th, 2022
From The Center
AFP VIA GETTY IMAGES
President Joe Biden’s plan to forgive student loan debt for many borrowers will cost roughly $400 billion, according to a Congressional Budget Office estimate released on Monday, rekindling a debate over the cost of student debt forgiveness and whether the plan will accelerate inflation.
The CBO estimates Biden's student loan debt forgiveness program will cost $400 billion.
The CBO also estimated Biden’s decision to pause student loan payments through the end of the year—extending a pause that began in 2020—will cost another $20 billion.
The estimates come one month after Biden offered...
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