Maintaining the Student Loan Forgiveness Application Will Cost an Estimated $100 Million

While the incredible costs of the Biden administration's federal student loan forgiveness plan are widely known, yet another expense of the program is stirring controversy: maintaining the online application for loan forgiveness is expected to cost nearly $100 million annually.

This latest expense—not included in the Congressional Budget Office's recent estimate of the program's cost to taxpayers—is yet more evidence that sweeping student loan forgiveness will end up doing considerable economic harm.

In August, President Joe Biden announced a sweeping federal student loan forgiveness plan. Under the proposal, most borrowers making under $125,000 annually and married couples making less than $250,000 would receive $10,000 each in loan forgiveness. For borrowers who received a Pell Grant, forgiveness is increased to $20,000.