(JUST THE NEWS) – A new report estimates that President Joe Biden’s plans to cancel student debt for some borrowers could cost taxpayers up to $1.4 trillion, depending on how the plans are implemented.
The nonpartisan Committee for a Responsible Federal Budget estimated all Biden’s recent debt cancellation efforts would cost a combined $870 billion to $1.4 trillion.
“That’s more than all federal spending on higher education over the nation’s entire history,” according to a report from the group. “The vast majority of this debt cancellation was put in place through executive actions under President Biden.”