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CBO: Biden's student debt write-off costs taxpayers $400B, about 60% more than White House estimate

Added 09-26-22 05:22:02pm EST - “President Biden's student debt forgiveness plan will cost taxpayers $400 billion, according to a Congressional Budget Office estimate released Monday.” - Washingtontimes.com

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Posted By TheNewsCommenter: From Washingtontimes.com: “CBO: Biden’s student debt write-off costs taxpayers $400B, about 60% more than White House estimate”. Below is an excerpt from the article.

President Biden’s student debt forgiveness plan will cost taxpayers $400 billion, according to a Congressional Budget Office estimate released Monday. 

The CBO also estimates that the pause on federal student loan payments through December, which Mr. Biden announced last month along with the debt write-off, will cost an additional $20 billion.

The $420 total figure, which is in line with outside estimates, is one more data point worrying budget hawks that Mr. Biden’s debt cancelation plan will further inflame inflation and wipe out his administration’s progress on reducing the deficit.

“CBO’s new estimate confirms the outrageous cost of the White House plan to cancel large amounts of student debt, by executive order, to nearly all borrowers almost regardless of need,” said Maya MacGuineas, the president of the non-partisan Committee for a Responsible Federal Budget.

Mr. Biden unveiled his long-awaited plan last month, which includes canceling $10,000 in student debt for borrowers who earn less than $125,000 per year and $20,000 in debt for those who received Pell Grants.

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