COSTLY CANCELLATION

President Biden’s student debt cancellation plans will cost between $870 billion and $1.4 trillion. $620 billion has already been spent, and the latest plan will cost between $250-$750 billion more. That’s more than will be spent on universal pre-K and childcare through 2034, about equal to all projected education appropriations through 2034, and costs more than tripling the Pell Grant program. Worse, the plan raises education costs and is regressive.