White House downplays CBO report on $400 billion cost of student loan forgiveness plan ...Middle East

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The White House on Monday pushed back on a report by the Congressional Budget Office (CBO) released earlier that day, arguing that 90 percent of federal student loan borrowers are unlikely to take advantage of President Biden’s forgiveness plan. CBO reported that the plan to forgive $10,000 in federal student loan debt for borrowers earning under $125,000 and $20,000 for borrowers who received Pell Grants will cost about $400 billion. It also projected that 90 percent of income-eligible borrowers will apply for debt cancellation. “CBO called its own estimate ‘highly uncertain.’ We agree,” the White House said in a memo. “CBO assumes that 90% of eligible borrowers take the necessary

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White House downplays CBO report on $400 billion cost of student loan forgiveness plan ...Middle East

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