The Biden administration's student loan forgiveness plan could cost about $400 billion over 10 years, per new estimates from the Congressional Budget Office.
CBO also estimated that the administration's plan to extend the pause on loan repayments by four months would cost roughly $20 billion.
"The president announced possibly the most expensive executive action in history without a score, and we’re now seeing just how expensive this policy is going to be," Marc Goldwein, senior vice president for policy with the Committee for a Responsible Federal Budget, told theThe CBO figures do not include the cost of the White House's plan to cap the monthly amount borrowers can be forced to repay as a percentage of their income from 10% to 5%, the Post notes.
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