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

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

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

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

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

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

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

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