Joe Biden expected to announce $10,000 student loan forgiveness program Wednesday: report
Fox News
President Biden's expected announcement to forgive $10,000 in student loans will cost American taxpayers around $300 billion, according to some estimates.
Bradford Betz is a reporter for Fox News Digital. Story tips can be sent to bradford.betz@fox.com and on Twitter: @Bradford_Betz.
According to the Penn Wharton Budget Model, a one-time maximum debt forgiveness of $10,000 for borrowers who make less than $125,000 will cost around $300 billion for taxpayers.
The cost increases to around $330 billion if the program is continued over the standard 10-year window, according to the figures.
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