President Biden’s one-time student loan forgiveness will cost $30 billion per year over the next decade, according to the Education Department.
Biden announced the broad-sweeping plan to cancel federal student debt in August. That includes $10,000 per borrower, or up to $20,000 for those who have Pell Grant loans, which are typically loaned to undergraduate students who demonstrate financial need.
The plan also will let borrowers cap the repayment of undergraduate loans to 5% of their monthly incomes, among other changes aimed at providing relief to the estimated 40 million people who would benefit from it. "Nearly 90 percent of relief dollars will go to those earning less than $75,000 per year," the Education Departmentresearch from the Committee for a Responsible Federal Budget
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