President Joe Biden has promised to make a decision on student loan forgiveness by the end of August

President Joe Biden may make his announcement on student loan forgiveness on Wednesday

Administration officials repeatedly said the decision would come before the end of August,

Though the White House insists no final decision has been made

he president is expected to extend the pause on student loan debt payments for several months

while forgiving loans up to $10,000 for those with yearly incomes of less than $125,000.

The country’s outstanding student loan debt balance exceeds $1.7 trillion, with 40 million Americans in debt for their education.