Biden's Student Loan Forgiveness Plans Could Cost Up to $750 Billion

The Biden administration continues to implement debt cancellation schemes despite legal challenges and public backlash.

The Biden administration's new student loan cancellation initiatives could add between $250 billion to $750 billion to the national deficit.
Recent plans involve cancelling debt for borrowers facing hardships, which could be the most costly part of the proposal.
Public opposition is mounting, with over 5,000 comments condemning the plan submitted through a grassroots petition in one night.
Legal challenges persist as eighteen states have filed lawsuits against the administration's SAVE plan.
Economists warn that unilateral debt cancellations could exacerbate inflation and interest rates.