President Joe Biden may, on Wednesday, announce a much-anticipated loan forgiveness program.

The White House hasn't decided on the specifics of a comprehensive student loan forgiveness programme, according to the Washington Post.

The White House is still deciding how to announce the cancellation of student loans.

Furthermore, it is unknown how far President Joe Biden may go in canceling student loans.

According to statistics, if the program is continued over the standard 10-year window, the cost increases to about $330 billion.

Analysis reveals that student debt cancellations might cost $900 billion and favour high incomes.

Payment freezes from the pandemic era were scheduled to terminate on August 31.

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