Republicans in six states are seeking an injunction to prevent the Biden administration from proceeding. Attorneys for the Biden administration and the states opposing the president’s plan to cancel student loans faced off in a federal court hearing on Wednesday, leaving the initiative’s future uncertain.
President Biden’s plan to eliminate student debt is estimated to cost $400 billion more to the federal government, according to the nonpartisan Congressional Budget Office. In the absence of a full accounting from the White House, Monday’s projections represent the latest attempt to put a price on the administration’s student-loan-modification plans. A range of analyst projections underlines the significant complexities of estimating the performance of the federal government’s student-loan portfolio, raising uncertainties about how the …