President Joe Biden will forgive $10,000 in student loan debt.

On Wednesday, Biden is anticipated to present his proposal to forgive a $10,000 student loan burden.

By August 31st, the president declared to make a decision.

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Only borrowers whose households earn $125,000 or less annually would be qualified for the cancellation of debt.

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Borrowers with government loans would be the only ones eligible for the debt cancellation; those with private debts would not.

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Federal student loans have left more than 43 million Americans in debt.

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The average borrower has about $37,000, according to data obtained by the Education Data Initiative.

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Federal loans totaling over $1.6 trillion remain unpaid.

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Some Democrats, including former Treasury Secretary Larry Summers, are worried that debt cancellation could make the nation's 40-year-high inflation rate worse.

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