The impact on the economy of President Joe Biden’s student loan forgiveness would be felt over the next ten years|Gage Skidmore|CC BY-SA 2.0

President Joe Biden’s move to cancel some of the federal student loans to help millions could cost the government $400 billion, per a report by the Congressional Budget Office (CBO).

The CBO’s report released Monday places loan forgiveness among the Biden administration’s most expensive initiatives and the economy would feel its impact over the next ten years.

In August, Biden announced loan forgiveness of up to $10,000 for borrowers making less than $125,000 a year and $20,000 for those who had received Pell grants.