Biden's student debt handout plan could cost as much as $1.4 trillion

A new report from the nonpartisan Committee for a Responsible Federal Budget (CRFB) finds that President Biden's latest student debt handout plan combined with previously announced policies will cost between $870 billion and $1.4 trillion if implemented.

"That's more than all federal spending on higher education over the nation's entire history," the CRFB report said, noting that the majority of that student loan debt cancellation was put in place by the Biden administration through executive actions.