President Joe Biden’s student loan forgiveness plan will largely help borrowers whose salaries are in the top half of American incomes, according to a Monday analysis by the Committee for a Responsible Federal Budget (CRFB).

Biden announced in August his plan to forgive $10,000 in student loans for individuals making less than $125,000 or families making less than $250,000, forgiving an additional $10,000 for individuals who received Pell Grants.

The plan, though marketed by the Biden administration as support for low-to-middle class borrowers, will provide between 57% to 65% of benefits to individuals in the top 50% of income brackets, according to the analysis.

“The actual benefit is likely to be more regressive,” the report read.