Biden's loan forgiveness decision could come on Wednesday.

By The Exchange Team

Five sources told NBC News that President Biden could announce student loan relief Wednesday.

Officials indicated a decision would be made by the end of August, when monthly loan payments will resume after nearly two years

NBC sources said the president is set to extend the freeze on student loan debt payments for several months.

While waiving loans up to $10,000 for people earning less than $125,000 per year

The total outstanding student loan debt in the US surpasses $1.7 trillion, with 40m Americans paying debts for their education.

Before the Covid epidemic, when the economy was strong, 10 million borrowers were still due.

Biden has supported $10,000 in student loan forgiveness since the campaign trail, but his left-wing challengers have promised more.