The administration is expected to release its own detailed cost estimates in coming weeks.
President Joe 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 noted that the CBO’s estimated cost in the first year — $21 billion — is actually lower than the administration’s early estimate of $24 billion. 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. 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.
An application to receive the benefit is expected by early October. The fate of the plan largely depends on whether it can survive legal challenges that conservatives have promised to bring.
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