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Biden's student debt handout plan could cost as much as $1.4 trillion

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New analysis from the CRFB finds that President Biden's latest student loan handout would bring the total cost of cancellation plans to between $870 billion and $1.4 trillion.

A new report from the nonpartisan Committee for a Responsible Federal Budget finds that President Biden's latest student debt handout plan combined with previously announced policies will cost between $870 billion and $1.4 trillion if implemented.

According to the CRFB's research, the $870 billion to $1.4 trillion total cost range surpasses all historic federal spending on higher education prior to the COVID pandemic, which totaled $744 billion from 1962 to 2019. It also exceeds the federal cost of offering universal pre-kindergarten and universal child care, which would cost a projected $750 billion, as well as the $675 billion cost of tripling the Pell Grant program, which provides grants to lower income students.

 

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President Biden to Unveil New Student Loan Handout PlanPresident Biden will announce a new student loan handout plan aimed at reducing the burden of student debt for millions of Americans. The plan focuses on cutting accrued interest on loans and is expected to affect up to 30 million borrowers.
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