Forgiving Student Debt Will Cost $400 Billion

“The White House’s plan to cancel student loan debt for tens of millions of American borrowers will cost roughly $400 billion over 10 years, according to a new estimate released by Congress’ nonpartisan scorekeeper,” the Washington Post reports.

“The new estimate will fuel the debate over President Biden’s student debt decision, which was cheered by advocates but immediately assailed by Republican lawmakers as a wasteful and inefficient waste of government spending. Biden announced in August that his administration would cancel up to $20,000 in student debt for lower- and middle-class borrowers.”