Who could benefit if President Biden cancels $10,000 in student loan

President Biden is planning to announce his decision on Wednesday

President Biden's administration has already canceled nearly $32 billion

 of the $1.6 trillion in outstanding federal student debt

by expanding existing forgiveness programs for public-sector worker.

President Biden has indicated that if he does take action to provide more student loan

debt forgiveness, he may limit the relief to $10,000 per person, as well as exclude wealthier borrowers.

Biden's administration extended the pandemic-related pause on student loan payments several times.

White House officials are leaning toward canceling $10,000 in debt for every borrower who earns less than $125,000 a year