President Joe Biden’s plan to forgive thousands of dollars in student debt for millions of Americans and adjust repayment for others will cost roughly $500 billion, according to a nonprofit that analyzes such plans.
Biden says he will cancel up to $10,000 of student debt owed to the federal government for households earning less than $250,000 a year and people earning less than $125,000 a year.
That will cost the most: from $330 billion to $390 billion, the Committee for a Responsible Federal Budget said.
Approximately 43 million people are eligible for the relief, with 20 million being poised to have their entire debt wiped out, according to Biden administration officials….