Biden is expected to announce a $10K debt forgiveness

President Biden is prepared to eliminate up to $10,000 in debt

Due to the impending expiration of the student loan payment moratorium

Borrowers who make under $125,000 annually are qualified for the loan cancellation

According to three people with knowledge of the decision, as reported by the Associated Press

Additionally, Biden plans to prolong the moratorium on payments for federal student loans through January

The federal government is holding student loans for more than 43 million Americans totalling $1.6 trillion

Biden's idea to cancel student loans is probably going to run into legal issues

More than 7 million borrowers are at least 270 days late on student loans

Federal student loan repayments have been stopped ever since the COVID-19 pandemic started in March 2020

The White House has jealously guarded the plan's specifics