President Biden's revamped student loan forgiveness plan will cost U.S. taxpayers $475 billion over 10 years, according to an analysis released Monday.

The University of Pennsylvania's Penn Wharton budget model updated its estimate for Biden's plan--dubbed SAVE--this week after the Supreme Court struck down the initial plan.

"About $200 billion of that cost will come from payment reduction for the $1.64 trillion in loans already outstanding in 2023. We estimate that about 53 percent of the current loan volume will move to SAVE after it goes active in July 2024, implying that about $869 billion will be subject to enhanced subsidies under SAVE," the group wrote.

"The remainder of the budget cost, or about $275 billion, comes from reduced payments for about $1.03 trillion in new loans that we estimate will be extended over the next 10 years," it continued.

The new cost estimate is more than $100 billion higher than Penn Wharton's initial model released earlier this year. Biden's White House defended its student loan actions in a statement Tuesday morning.

"We remain committed to the idea that a college credential is one of the best tools for building a stronger America. But we cannot bury the dreams unlocked by college under mountains of unaffordable debt. Through this process we will work swiftly and tirelessly to make that relief a reality for borrowers," the statement read.

Biden's SAVE plan follows an income-driven loan repayment plan, allowing borrowers to match their monthly loan payments to their current income and family size. Republicans have blasted the plan as yet another overreach by Biden that may face problems in courts.

The plan could reduce borrowers’ monthly payments to zero dollars, cut monthly payments in half or save those that do make payments by at least $1,000 a year, the White House said in a statement.