
UPDATE: Since this piece was published in the August/September issue, the Supreme Court declared President Joe Biden's student loan forgiveness plan unconstitutional. Read Reason's coverage of the decision here, here, and here.
If the U.S. Supreme Court nixes President Joe Biden's plan to forgive up to $20,000 in federal student loan debt for millions of borrowers, another portion of Biden's proposal could still leave taxpayers on the hook. And the final price tag for that aspect of Biden's policy could be double what his administration originally claimed.