President Biden's sweeping student debt cancellation plan will cost at least $605 billion and could cost more than $1 trillion, according to a Penn Wharton analysis.The showed that debt cancellation components of the plan would cost between $469 billion to $519 billion over a 10-year budget window, the actual figure depending on whether new or existing students are included. Biden announced that those making up to $125,00 would have $10,000 of their federal student loans forgiven and Pell Grant recipients would be able to get $20,000 in debt wiped away.
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