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

Added 09-27-22 06:07:02am EST - “The cost of the White House student loan forgiveness plan is an estimate over a 10-year period and will add to the country's deficit, the Congressional Budget Office said in a report.” - Npr.org

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Posted By TheNewsCommenter: From Npr.org: “Joe Biden's student loan forgiveness plan will cost $400 billion, budget office says”. Below is an excerpt from the article.

President Joe Biden speaks during a meeting of the White House Competition Council in the State Dining Room of the White House in Washington, Monday, Sept. 26, 2022. Susan Walsh/AP hide caption

President Joe Biden speaks during a meeting of the White House Competition Council in the State Dining Room of the White House in Washington, Monday, Sept. 26, 2022.

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.

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 "uncertain," as it cannot accurately predict how much student loan debt will be repaid after Biden's plan takes effect. The estimates also do not include loans issued after June 30.

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