The cost of the White House student loan forgiveness plan is an estimate over a 30-year period and will add to the country's deficit, the Congressional Budget Office said in a report.
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.
Additionally, the pause on federal student loan repayments cost $20 billion from September to December 2022, the agency said. As of June 30, the CBO estimates federal student loan debt to be at $1.6 trillion among 43 million borrowers.
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