's student loan relief plan could cost the country $400 billion over the next decade as the administration prepares to unveil next steps for borrowers to apply for forgiveness as early as next month.The nonpartisan Congressional Budget Office noted in a letter to the and House Labor committees noting the high cost of the president's relief plan, as well as reporting the plan would cause outstanding student loans to increase by $20 billion.In August, Biden announced his plan to cancel $10,000 in federal student loan debt for borrowers making less than $125,000 individually and $250,000 jointly. That forgiveness would rise to $20,000 for those with Pell Grants.
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