White House press secretary Karine Jean-Pierre said that the Biden administration's plan to partially forgive student loans could cost $24 billion per year. United States President Joe Biden announced the plan on Wednesday, stating that Americans earning less than $125,000 a year could see $20,000 in student loan debt written off if they received Pell Grants for low-income families and $10,000 if they did not.
"Assuming that 75% of folks who take this on, the president's student loan cancellation plan, and you look at the average monetary, cash flow on that, it's going to be about $24 billion per year," Jean-Pierre told CNN. She added that the White House will release more details about the cost of the plan once it has more data on how many people are taking advantage of it.
