In August, Biden announced a plan to eliminate $10,000 in student loan debt to borrowers who make less than $125,000 a year and $20,000 in loan forgiveness to Pell Grant recipients.
The policy, which has been blocked by federal courts prior to the Supreme Court's review, would cost $400 billion over the next decade, according to the Congressional Budget Office, which said it was "highly uncertain" about the estimate. Meanwhile, a study from the University of Pennsylvania's Wharton School of Business said the cost could easily exceed $500 billion.
