President Joe Biden's action to cancel student loan debt for millions of borrowers and extend a moratorium on loan repayments will cost the federal government $420 billion over three decades, according to a report from the Congressional Budget Office released Monday. The nonpartisan CBO estimates that Biden's executive action in August – which canceled up to $20,000 in student loan debt for Pell Grant recipients and $10,000 for other borrowers – will cost about $400 billion. Biden's move to extend the pause on student loan payments to the end of the year will cost an additional $20 billion, according to the CBO's report. CBO Director Phillip Swagel said it's unclear how much student loan borrowers would repay if the executive action had not been taken compared with how much they will repay under Biden's action. "Those projections depend in part on future economic conditions and on how the terms of loans might be modified in the future," Swagel said in the analysis.