President Biden is expected to announce Wednesday that he will cancel some federal student loan debt for tens of millions of Americans through a long-awaited executive action, which would provide unprecedented relief for borrowers but is certain to draw political and legal challenges. The action could render up to 15 million borrowers entirely free of student debt.
Biden has repeatedly delayed making a decision
- In May, he said he would make an announcement within a "couple of weeks," which didn't come to fruition.
The Biden administration is nearing a decision on student-loan forgiveness, an issue that could affect millions of Americans and reverberate in the coming midterm elections
- Here are some of the key challenges complicating the final decision.
- Biden spoke by phone on Tuesday night with Senate Majority Leader Chuck Schumer (D., N.Y.) to discuss the issue, and he separately held a joint call with Sens. Elizabeth Warren of Massachusetts and Raphael Warnock of Georgia, according to people with knowledge of the conversations.
- Mr. Biden is scheduled to return to the White House on Wednesday from Delaware, where he is on vacation with his family.
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