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.
Only borrowers whose households earn $125,000 or less annually would be qualified for the cancellation of debt.
Borrowers with government loans would be the only ones eligible for the debt cancellation; those with private debts would not.
Federal student loans have left more than 43 million Americans in debt.
The average borrower has about $37,000, according to data obtained by the Education Data Initiative.
Federal loans totaling over $1.6 trillion remain unpaid.
Some Democrats, including former Treasury Secretary Larry Summers, are worried that debt cancellation could make the nation's 40-year-high inflation rate worse.