Ultimately, the cost would become part of the equation used to figure the federal deficit. Biden’s plan for student debt cancellation would cost the federal government about $400 billion over the next 30 years, according to the latest estimates from the Congressional Budget Office. The office cautioned that its estimates are “highly uncertain” because it’s hard to know exactly how much borrowers would have paid in the future without Biden’s action.
Biden has said those costs would be offset by other measures to reduce the federal deficit. He has pointed to a that’s estimated to raise around $740 billion over a decade, from a combination of government savings from lower drug prices, higher taxes on large corporations, levies on companies that repurchase their own stock and stronger IRS tax collections.During the pandemic, two presidential administrations paused payments for those holding federal student loans. ThePayments are set to resume, along with the accrual of interest, 60 days after the court cases are resolved.
Yes. Biden’s student loan forgiveness might not happen, period. Other loan forgiveness programs, such as those for
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