Biden’s student loan forgiveness plan to cost about $400 billion: CBO

President Obama’s plan to forgive $1.6 billion in student debt for $10,000 and $20,000 is set to be rescinded. Nearly half of the debt will be paid out to those earning less than $75,000 a year, the Congressional Budget Office says. The plan is expected to cost taxpayers $1 billion more than the $10 billion it originally planned for the end of the plan to pay back the money owed to students. The bill was approved by Congress last week.

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