$24B Student Loan Plan

Karine Jean-Pierre

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White House press secretary Karin Jean-Pierre said Thursday that President Biden's student loan handout plan could cost about $24 billion a year.

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She continued, "I assumed people would take us to this student loan relief plan that the president put forward, so I assumed 75%, so we're going to share what that looks like."

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If 75% of eligible participants took the benefit, Jean-Pierre estimates the cost would be approximately $240 billion over 10 years, and closer to $320 billion with 100% participation.

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"All this, when it comes to spending, will depend on how many of the canceled loans were expected to be repaid," Jean-Pierre said.

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