Biden might forgive $10K in student loans. How much education does that get someone?

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President Joe Biden has faced consistent pressure from progressive Democrats and student debt relief proponents to forgive student loan debt for about 41 million borrowers.

In response, Biden announced Thursday he is considering using his presidential authority to cancel at least some debt. But, he emphasized, that he intends to allow less than $50,000 in forgiveness.

The announcement is in line with the president's promise on the 2020 campaign trail: to cancel at least $10,000 of each American borrower's debt. But progressive lawmakers like Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Elizabeth Warren, D-Mass., have urged the president to waive up to $50,000 in debt per borrower through executive action.

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The average borrower owes $28,950, according to Forbes.

What would $10,000 represent to students pursuing higher education? Here's a rundown:

By institution

Prospective students seeking a less expensive education should look into attending a local, public institution. Average tuition and fees cost $9,400 for first-time, full-time undergraduate students at public four-year degree-granting institutions during the 2019-20 academic year, according to the National Center for Education Statistics. Only public, two-year institutions are more competitive at an average of $3,800 in tuition costs in the same academic year.

Private, non-profit institutions granting four-year degrees are the most expensive. During the 2019-20 school year, the average cost of tuition at these schools reached $36,700. The average cost at a comparable two-year school was $18,600.

Private, for-profit schools are in the mid-range for four-year institutions, costing an average of $19,100 to attend from 2019-20. Average tuition slightly fell for two-year schools in this category from 2010-11 to 2019-20: $16,200 compared to $15,700, according to the NCES.

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When factored together with room and board, expenses only increase. NCES reports the average cost of tuition, room, and board for all institutions was $27,563, $27,696 for four-year schools, and $24,960 for two-year schools during 2019-20.

Biden's proposed $10,000 cancellation might cover the cost of a two-year degree, but a student borrowing for four years would owe an average of $37,600 upon completion, based on NCES statistics.

In-state vs. out-of-state

Students attending college outside of their state of origin will typically pay more in tuition compared to their in-state classmates. But costs have risen for in-state students, too.

The average tuition for in-state students for the 2021-22 academic year was $10,740, and $27,560 for out-of-state students, according to Insider. This reflects a drop in costs for in-state students at four-year public schools in 18 states compared to five years ago after adjusting for inflation, but a rise for this same group by more than 10% in six states: Alaska, Connecticut, Nevada, North Dakota, Oregon, and Rhode Island.

Thirty-one states had a five-year percent increase in in-state tuition and fees, ranging from 0.1% to 13.4%, Insider reported.

By major

Tuition at a given institution can vary by student based on other factors. A 2017 report by Pew Charitable Trusts revealed that 60% of public research universities consider students' year of study, chosen major or both in assessing this "differential tuition."

In 2015, 86 of 143 public research universities had such a policy, compared to only 9 in the early 1990s. Pew also reported that researchers found the policy is particularly common in the Midwest.

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A 2011 survey by researchers at Cornell University found that business, nursing and engineering programs are the most common targets for differential tuition.

The cost of a full-time bachelor's of science in nursing is at least $40,000, according to Nurse Journal, a resource website for nurses and other healthcare providers. And tuition costs averaged $9,000 each year for students pursuing a bachelor's degree in business administration, according to The College Board.

Tuition and fees for U.S. News & World Report's best ranked engineering schools ranged below $10,000 for in-state students to over $50,000 for all students.

Reach out to Chelsey Cox on Twitter at @therealco.

This article originally appeared on USA TODAY: Student loan forgiveness: What does $10K cover in tuition and fees?