President Biden's expected announcement to forgive $10,000 in student loans will cost American taxpayers around $300 billion, according to some estimates.
Progressives and liberals have hounded the president to provide broader relief to hard-hit borrowers, while moderates and Republicans have questioned the fairness of any widespread forgiveness.
The nation's federal student debt now tops $1.6 trillion after ballooning for years. More than 43 million Americans have federal student debt, with almost a third owing less than $10,000 and more than half owing less than $20,000, according to the latest federal data.On the campaign trail, Biden proposed canceling up to $10,000 per borrower, with no mention of an income cap.
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