About 43 million people are waiting to find out if President Joe Biden will wipe away all or part of their federal student loan debt.

In April, after facing months of pressure from other Democrats to cancel $50,000 per borrower, Biden said he was considering some broad student loan forgiveness, though a smaller amount.

On the campaign trail, Biden said he would support $10,000 in forgiveness. White House officials have indicated that he is also looking at setting an income threshold so that high-earning borrowers would be excluded from the debt relief.

The decision is expected to come before August 31, when the