On Wednesday, President Joe Biden is expected to declare that he will waive $10,000 in student loan debt.

After his return to the White House from vacation in Rehoboth Beach, Delaware, President Joe Biden is anticipated to make public his eagerly awaited choice.

The president has stated that he will decide by August 31.

Progressive Democrats are putting more pressure on Biden to forgive even more of the nation's debt.

Democratic economists are concerned about the possibility of debt cancellation escalating the 40-year inflation rate, including former Treasury Secretary Larry Summers.

Biden is giving student loan debt forgiveness a "hard look," but only for amounts under $50,000.

The White House has also talked about providing borrowers who meet certain requirements with relief that goes beyond $10,000.

Borrowers with family incomes of $125,000 or less would not be eligible for the debt cancellation.

In the US, there are over 43 million people who owe money on federal student loans.

Summers stated in a tweet on Monday that "student loan debt relief is spending that raises demand and increases inflation."