President Biden's plan for student debt cancellation will cost the federal government about $400 billion over the next 30 years, according to new estimates from the Congressional Budget Office.
. On Monday, 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.
Biden’s plan promises to cancel $10,000 in federal student debt for borrowers with incomes of less than $125,000 per year or households making less than $250,000. Those who received federal Pell Grants to attend college would get an additional $10,000 erased. The office warned that its estimates are “highly uncertain” because it’s hard to know exactly how much borrowers would have paid in the future without Biden’s action. Some borrowers probably would have gotten their debt canceled anyway using payment plans that promise to cancel remaining debt after 10 or 20 years.
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