Joe Biden expected to announce $10,000 student loan forgiveness program Wednesday: report

President Joe Biden is expected to announce a much-anticipated loan forgiveness program Wednesday, sources familiar with the plan told the Associated Press.

Americans are poised to foot a nearly $300 billion deal with President Biden’s expected announcement on Wednesday to forgive thousands in federal student loan debt and extend a repayment pause to next year.

According to the Penn Wharton Budget Model, a one-time maximum debt forgiveness of $10,000 for borrowers who make less than $125,000 will cost around $300 billion for taxpayers.

The cost increases to around $330 billion if the program is continued over the standard 10-year window, according to the figures.

Progressives and liberals have hounded the president to provide broader relief to hard-hit borrowers, 

 while moderates and Republicans have questioned the fairness of any widespread forgiveness.

The nation's federal student debt now tops $1.6 trillion after ballooning for years. More than 43 million Americans have federal student debt,

On the campaign trail, Biden proposed canceling up to $10,000 per borrower, with no mention of an income cap.