The U.S. Department of Education estimates that President Biden's one-time student debt forgiveness will cost $30 billion annually over the following ten years.
The proposal asks for forgiven amounts of up to $10,000 for each borrower of federal student loans or up to $20,000 for Pell Grant recipients.
According to the White House this week, Biden is still committed to provide help despite some disagreement to the proposal.
According to a Biden administration cost estimate, President Joe Biden's order to eliminate student loan debt for millions of Americans will cost $30 billion on average year
According to the Education Department, the 10-year cost will be about $305 billion as evaluated by decreased financial flows into the government.
It will cost roughly $379 billion in today's money over a 30-year period.The idea will probably cost around $400 billion over the course of 30 years, according to the Congressional Budget Office.