Biden student loan giveaway costs $400B, budget office finds

The nonpartisan Congressional Budget Office estimated Monday that President Biden’s attempt to forgive between $10,000 and $20,000 in student loan debt for millions of borrowers would cost taxpayers $400 billion — while another estimate indicated the total cost could climb above $600 billion. Biden last month said he would use emergency powers triggered by the COVID-19 pandemic to set aside $10,000 in federally owned student debt per borrower making under $125,000 per year — or $20,000 per Pell Grant recipient with the same income.-- More...