According to five sources with knowledge of the matter, President Joe Biden could make an announcement on student loan forgiveness as soon as Wednesday.

The decision would come before the end of August, when monthly loan payments are scheduled to resume after being paused for over two years as part of a relief policy.

Three sources told NBC that the president is expected to extend the pause on student loan debt payments for several months

40 million Americans are in debt for their education because of the country's outstanding student loan debt balance.

When the economy was in its healthiest period, 10 million borrowers were still behind on their payments.

Since the campaign trail, Biden has put his support behind student loan forgiveness, while his competitors to the left have not Sen. He vowed to cancel more.

Sweeping student loan forgiveness will anger some Americans, including those who never borrowed for their education or went to college.

Several Republicans have said they will try to block an effort by the president to cancel the debt. Rep

According to a poll by Morning Consult, the majority of voters support student loan forgiveness.