Joe Biden expected to announce $10,000 student loan

President Biden's expected student loan forgiveness will cost American taxpayers an estimated $300 billion

[{"selector":"#anim-45e08420-715c-4436-875a-f1d37fe49772","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b397bc6d-990e-4fc7-8480-5afee64e3cf3","keyframes":{"transform":["translate3d(-112.01202%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5073c626-46fa-454a-849b-67f7cc5f3fed [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}]

President Biden is expected to announce a much-anticipated loan forgiveness program Wednesday

[{"selector":"#anim-5ef60246-5754-4923-9d5a-55d907ac93d7","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c58f48b3-c4fc-44dc-a22d-6789ce88886d","keyframes":{"transform":["translate3d(-112.01202%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-19c78949-3aa4-4d28-931c-48ce9bb6bcd8 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.179687404002955%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}]

sources familiar with the plan told the Associated Press.

[{"selector":"#anim-429dd816-5772-4fbb-9e81-2b2935e7733c","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-67ce2b05-db59-4f80-9f21-b4fc307c1379","keyframes":{"transform":["translate3d(-112.01202%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-efbdd0e7-ea9b-4766-a1cf-834da18fe448 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

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

[{"selector":"#anim-0060eeba-bdf3-4a96-afae-4640d13844f5","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f7bcb0e9-c014-40a5-b295-d4183bc5154f","keyframes":{"transform":["translate3d(-105.37635%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-eea02087-f28a-428c-97ac-84834981cea1 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(4.354838743858203%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

extend a repayment pause to next year.

[{"selector":"#anim-a7a68684-3b15-46fd-99bf-add4cefedd5b","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9da36a9d-298d-4cd5-b66b-90d61d340f41","keyframes":{"transform":["translate3d(-112.01202%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6cda37af-4b3f-4f7d-aa03-19dcd630f633 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-40.133568482399525%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

a one-time maximum debt forgiveness of $10,000 for borrowers who make less than $125,000 will cost around $300 billion for taxpayers.

[{"selector":"#anim-8585f4e4-5ae4-487a-b515-69e4897f802b","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bd07336d-6945-4489-9cfb-752b9e19772b","keyframes":{"transform":["translate3d(-103.91645%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b2667f17-ffaa-4dbd-9a3e-dd387e076a91 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.240844612732676%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

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

[{"selector":"#anim-db0de676-4ec7-409a-b2bb-ee43f3abc984","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d462ca66-3d85-46a0-943f-a85e9e1af8cf","keyframes":{"transform":["translate3d(-105.37635%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-afa514f8-c05b-44f5-833d-87f10ab264c8 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.240844612732676%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Watch our previous story Drew Barrymore says Joey King should portray

[{"selector":"#anim-0e7b7252-fb3d-4b5f-9beb-23106805cba8","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ad8a4079-db60-4a52-92a2-ec83bfa564c2","keyframes":{"transform":["translate3d(-112.01202%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-35ac52f9-a8bd-4d31-8671-b0cd0f4654b6 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Learn more