President Joe Biden’s student loan forgiveness plan will cost at least $400 billion over three decades, blowing away initial estimates of $300 billion, the Congressional Budget Office has estimated.
The plan, a handout for the middle and upper classes (and will only raise GDP by 0.1%), will provide debt relief of $10,000 per borrower, subject to income caps of $125,000 per individual or $250,000 per household – while Pell Grant recipients will receive an additional $10,000 of forgiveness, Bloomberg reports.
