According to the Congressional Budget Office (CBA), Pres. Joe Biden’s plan to cancel student debt could cost about $400 million dollars. The plan was to cancel up to $20,000 in federal student loan debt for low and middle income borrowers. This plan was announced in August, but no debt has been canceled yet, and the Department of Education is planning to release an application for the program in October. The CBO did say that the estimates are “highly uncertain”, and so the total amount actually spent to cancel the debt could vary a lot.
Source: https://www.cnn.com/2022/09/26/politics/biden-student-loan-forgiveness-cost-cbo/index.html
