WASHINGTON — Millions of people are hoping to hear that a big chunk of their student loan debt will be wiped away.
Read: Student loan borrowers await Biden plan on debt forgiveness
President Joe Biden is expected to announce debt cancellation for some loan-holders.
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This would be big news for a lot of students and graduates at colleges around the U.S., including the University of Central Florida.
Especially for those who acquired student loan debt for a job or career that doesn’t pay well and are struggling to make the monthly payment.
Read: Biden administration forecasts $1.03T deficit, down $400B
The latest out of Washington, D.C., is that Biden is set to announce Wednesday that he will forgive $10,000 in student loan debt for millions of borrowers.
The action is also expected to extend the ongoing pause of student loan payments for all borrowers until January.
Some experts argue this plan is a big mistake. Especially with inflation being so high.
Read: Biden signs massive climate and health care legislation
The plan could cost the federal government between $300 billion and $980 billion over 10 years.
Watch more in the video above.
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