The White House plans to make its long-awaited announcement on student debt relief Wednesday, according to people familiar with the timing.
The substance of the announcement is not yet clear and is being closely guarded by the White House, which did not immediately respond to a request for comment. President Joe Biden’s decision has been long anticipated as he grapples with delivering targeted relief while weighing any fallout, including on already-rampant inflation.
Advocates and allies expect Biden to extend the pause on student loan repayment for at least four additional months through December 2022, while also announcing some measure of debt forgiveness for borrowers whose income falls below a certain threshold. That would bring the freeze beyond the midterm elections, in which Democrats are hoping to stave off a loss of their slim House and Senate majorities.
For months, Democratic lawmakers, labor leaders and civil-rights groups have been pressuring the White House to forgive more than $10,000 in student debt, arguing higher debt loads are disproportionately carried by Black or lower-income students.
During the 2020 presidential campaign, Biden himself urged Congress to forgive $10,000 in student debt and has appeared comfortable with that figure.