Biden's student debt relief plan could cost the government $400 billion

biden student loan photo
US President Joe Biden and Education Secretary Miguel Cardona (R)
(Image credit: OLIVIER DOULIERY / Contributor/Getty Images)

The Biden administration's plan to cancel student loan debt for millions of Americans will cost the government about $400 billion, per a new estimate by the nonpartisan Congressional Budget Office. The letter, addressed to Congress members, also revealed that the White House's plan to extend the current pause on student loan payments temporarily will cost around $20 billion.

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Theara Coleman, The Week US

Theara Coleman has worked as a staff writer at The Week since September 2022. She frequently writes about technology, education, literature and general news. She was previously a contributing writer and assistant editor at Honeysuckle Magazine, where she covered racial politics and cannabis industry news.