Introduction

Next month is when those who are eligible for federal student loan forgiveness can apply for that relief. Under President Biden's plan, those who earned less than $125,000 a year in either 2020 or 2021 will see up to $10,000 of their federal student loan debt forgiven. The Congressional Budget Office released a report on Monday saying Biden's student loan cancellation plan could cost $400 billion. But the White House has argued that the cost should be viewed over a 30-year time period.