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, according to a report released Monday by the nonpartisan Committee for a Responsible Federal Budget
The group estimated the low-end figure would still be $870 billion.
“That’s more than all federal spending on higher education over the nation’s entire history,” the group said. “The vast majority of this debt cancellation was put in place through executive actions under President Biden.”
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