Photographer: Paul Morigi/Getty Images North America

Forgiving student loan debt will cost between $300 billion and $980 billion over 10 years, according to a new analysis, with the majority of relief going toward borrowers in the top 60 percent of earners.

The Penn Wharton Budget Model estimate was released today ahead of President Joe Biden's long-anticipated decision, expected to come tomorrow, on whether to forgive some student loan debt. White House officials have been trying to combat critiques that such a move would add to rampant inflation—which has become a political liability for Biden and his fellow Democrats.

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