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December 6, 2022
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Biden plan to cancel some U.S. student loan debt will cost $400 billion -CBO

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By David Shepardson and Eric Beech WASHINGTON (Reuters) -U.S. President Joe Biden’s executive actions cancelling some student loan debt will cost about $400 billion, about a quarter of funds owed, the Congressional Budget Office (CBO) said on Monday. As of June 30, 43 million borrowers held $1.6 trillion in federal student loans. About $430 billion of that debt will be canceled, CBO estimated. CBO previously projected that some of the funds canceled by Biden’s action would eventually have been forgiven anyway. Of 37 million borrowers with direct loans from the federal government, CBO estimated…

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