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CBO: White House plan to relieve student loan debt costs $400 billion

Summary by Ground News

Biden administration previously estimated the plan would cost about $24 billion a year over the next 10 years. Other estimates put the total cost at $500 billion or more over the decade. The White House defended the plan, saying it will provide relief to struggling borrowers, allowing them to start businesses, buy homes or just pay their bills.

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Reason

Biden's student loan debt forgiveness plan now estimated to cost $400 billion

Student loan debt forgiveness will likely completely wipe out gains made by the Inflation Reduction Act—and then some.

2 years ago·United States

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The Blaze

Report: Biden's student debt forgiveness expected to cost over $400 billion, roughly twice the White House's estimate

2 years ago·United States

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Longview News-Journal

Cost of Biden's student debt relief plan exceeds $400 billion, CBO says

WASHINGTON — President Joe Biden’s decision to forgive some federal student debt will cost the U.S. Treasury at least $400 billion, the Congressional Budget Office estimated.

2 years ago

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OPB

Joe Biden’s student loan forgiveness plan will cost $400 billion, budget office says

Joe Biden’s plan to cancel up to $20,000 in student loan debt for federal aid borrowers is expected to cost about $400 billion, according to the Congressional Budget Office. The estimate is for a period of the next 10 years and will add to the country's deficit, it said.Additionally, the pause on federal student loan repayments cost $20 billion from September to December 2022, the agency said.Though, the office also said its estimates are "uncer…

2 years ago·Portland, United States

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Arizona Daily Sun

CBO: Biden's student debt plan would cost $400 billion over 30 years

Biden has played down the cost of the cancellation plan, saying it would be offset by other measures to reduce the federal deficit, including his landmark Inflation Reduction Act.

2 years ago

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Mooresville Tribune

CBO: Biden's student debt plan would cost $400 billion over 30 years

Biden has played down the cost of the cancellation plan, saying it would be offset by other measures to reduce the federal deficit, including his landmark Inflation Reduction Act.

2 years ago

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