Full cost of student debt relief 'remains to be determined' -WH

STORY: "That remains to be determined and it will be a function of what percentage of eligible borrowers actually take up this opportunity," Rice said at the press briefing.

She added that student loans obtained after June 30 are not eligible for the new plan.

President Biden said on Wednesday the U.S. government will forgive $10,000 in student loans for millions of debt-saddled former college students, keeping a pledge he made in the 2020 campaign for the White House.

The move could boost support for his fellow Democrats in the November congressional elections, but some economists said it may fuel inflation and some Republicans in the U.S. Congress questioned whether the president had the legal authority to cancel the debt.