CBO: Biden’s student debt plan would cost $400 billion

By COLLIN BINKLEY
AP Education Writer

The Congressional Budget Office estimates that President Joe Biden’s plan for student debt cancellation will cost about $400 billion over the next 30 years. The estimate was issued Monday in response to a request from Republican lawmakers who oppose Biden’s plan because of its cost. They cited the estimates as evidence that the plan will “bury” taxpayers. The Biden administration previously estimated the plan will cost about $24 billion a year over the next decade, while other estimates put it at a total of $500 billion or more. The White House says the cost of the cancellation plan will be offset by other measures to reduce the federal deficit.