President Joe Biden’s decision to forgive $10,000 in student loan debt will come on Wednesday, August 24, according to reports.
Biden is expected to announce his decision to forgive $10,000 in student loan debt for borrowers earning less than $125,000 a year. The plan is expected to cost taxpayers $32 billion.
Eligible borrowers include those with federal Direct Loans, FFELP Loans, Perkins Loans, Parent Plus Loans and Grad PLUS Loans.
The White House claims Biden has already canceled more debt than any other administration in history.
Biden will also extend the moratorium on paying back loans for people earning over $125,000.
At $1.6 trillion, student loan debt exceeds credit card or auto loans in the 50 United States.
A majority of Americans are concerned the student loan forgiveness plan will further increase inflation.