Biden closes in on student loan forgiveness plan and extension of repayment pause

The deliberations have gone on for months and could still change. But an announcement may come as soon as Wednesday.

The White House is preparing to announce a student loan relief plan as early as Wednesday that would forgive up to $10,000 for

some borrowers and further extend the current freeze on loan repayment, according to several people familiar with the plan.

The details of the highly anticipated plan remain in flux amid a frenzied, last-minute internal debate over how to structure the policy, the people said.

 The White House has focused on canceling $10,000 for borrowers who make $125,000 or less annually, which would fully erase the student debt for millions of Americans.

Several people familiar with the administration’s discussions emphasized that President Joe Biden had not made a final decision on

key parts of the debt relief program by late Tuesday evening

The president is scheduled to return to the White House on Wednesday from his vacation home in Rehoboth Beach, Del.

Senate Majority Leader Chuck Schumer, a leading proponent of canceling student debt,

 urged Biden to provide as much relief to borrowers as possible during a phone call with the president on Tuesday evening,

according to a Democrat familiar with the discussion.

Schumer told Biden in his final pitch that canceling debt is “the right thing to do morally and economically,” the Democrat said.