US student debt relief plan estimated to cost $400 bn | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Thursday
July 10, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
THURSDAY, JULY 10, 2025
US student debt relief plan estimated to cost $400 bn

USA

BSS/AFP
27 September, 2022, 11:10 am
Last modified: 27 September, 2022, 11:18 am

Related News

  • Bangladesh-US two-day tariff talks begin in Washington
  • None saw it coming: What went wrong in Bangladesh’s tariff negotiation with US 
  • Texas search teams face more rain as death toll surpasses 80
  • Death toll from Texas floods reaches 67, including 21 children
  • Why rare earth elements matter more than you think

US student debt relief plan estimated to cost $400 bn

BSS/AFP
27 September, 2022, 11:10 am
Last modified: 27 September, 2022, 11:18 am
Students tanking US President for canceling student debt. Photo: Collected
Students tanking US President for canceling student debt. Photo: Collected

US President Joe Biden's plan to forgive part of the country's massive student debt burden is estimated to cost the government $400 billion, the Congressional Budget Office said Monday.

The estimate, requested by conservative lawmakers and issued by an apolitical federal body, is expected to add further fuel to the heated controversy between Democrats and Republicans over the topic.

"CBO estimates that the cost of student loans will increase by about an additional $400 billion in present value" as a result of the debt forgiveness, it said.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

But a White House official noted, "CBO called its own estimate 'highly uncertain.' We agree."

Republicans accuse Biden of wasting money on the measure, arguing that public funds could be used more effectively.

Biden announced the plan on August 24, making good on a campaign promise.

Under the relief plan, $10,000 will be cut from all loans owed by people earning a salary of less than $125,000. For former students who went to university with need-based government assistance known as Pell grants, the relief will be $20,000.

US colleges can often cost anywhere between $10,000 and $70,000 a year, leaving graduates with crushing debt as they enter the workforce.

According to government estimates, the average debt for US college students when they graduate is $25,000, a sum many spend years or even decades to pay back.

Biden's measure continues to be heavily debated. Estimating the plan's cost is fueling a major technical debate among experts and economists, particularly because it is unclear regarding loan repayments already made by people who benefit from the debt forgiveness.
 

Top News / World+Biz

USA / US students / Student Debt

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • File photo of containers at Chattogram port/TBS
    US buyers push Bangladeshi exporters to share extra tariff costs
  • CA orders law enforcers to complete all election preparations by December
    CA orders law enforcers to complete all election preparations by December
  • Representational image. Photo: Collected
    Bangladesh-US two-day tariff talks begin in Washington

MOST VIEWED

  • File Photo: Rajib Dhar/TBS
    Bangladesh faces economic impact as US introduces 35% tariff on exports
  • None saw it coming: What went wrong in Bangladesh’s tariff negotiation with US 
    None saw it coming: What went wrong in Bangladesh’s tariff negotiation with US 
  • Clashes took place between police and protesters in Sylhet on 2 August. Photo: TBS
    Hasina authorised deadly crackdown on protesters during 2024 July uprising, BBC verifies leaked audio
  • Bangladesh Bank Governor Ahsan H Mansur. TBS Sketch
    BB governor asks banks to create forced loans for unpaid import LCs
  • Representational image. Photo: TBS
    35% US tariff to be disastrous for Bangladesh's exports, say economists and exporters
  • Trump's 35% tariff zaps Bangladesh's $8.4 billion export lifeline
    Trump's 35% tariff zaps Bangladesh's $8.4 billion export lifeline

Related News

  • Bangladesh-US two-day tariff talks begin in Washington
  • None saw it coming: What went wrong in Bangladesh’s tariff negotiation with US 
  • Texas search teams face more rain as death toll surpasses 80
  • Death toll from Texas floods reaches 67, including 21 children
  • Why rare earth elements matter more than you think

Features

Women are forced to fish in saline waters every day, risking their health to provide for their families. Photo: TBS

How Mongla’s women are bearing the brunt of rising salinity

5h | Panorama
Dr Mostafa Abid Khan. Sketch: TBS

Actual impact will depend on how US retailers respond: Mostafa Abid Khan

1d | Economy
Thousands gather to form Bangla Blockade in mass show of support. Photo: TBS

Rebranding rebellion: Why ‘Bangla Blockade’ struck a chord

2d | Panorama
The Mitsubishi Xpander is built with families in mind, ready to handle the daily carpool, grocery runs, weekend getaways, and everything in between. PHOTO: Akif Hamid

Now made-in-Bangladesh: 2025 Mitsubishi Xpander

3d | Wheels

More Videos from TBS

Leaked audio: Jinping thought Trump was crazy

Leaked audio: Jinping thought Trump was crazy

2h | TBS World
What can be done to counter the impact of US tariffs?

What can be done to counter the impact of US tariffs?

3h | Podcast
Elections can be held before Ramadan if preparations are complete: Press Secretary

Elections can be held before Ramadan if preparations are complete: Press Secretary

4h | TBS Today
US signals tougher action if Gaza ceasefire talks fail

US signals tougher action if Gaza ceasefire talks fail

3h | TBS World
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net