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Sept. 26, 2022, 4:06 p.m. EDT

Biden's plan to cancel student loans will cost $400 billion, CBO estimates

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By Victor Reklaitis

The Congressional Budget Office, a nonpartisan watchdog agency, estimated on Monday that President Joe Biden's plan to forgive $10,000 to $20,000 in student loans per eligible borrower would cost $400 billion. Other watchdogs have said Biden's plan could cost $500 billion to $1 trillion.

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