A long-awaited student debt relief announcement will come from the White House tomorrow. What is to be said during the announcement is yet to be known, it revolves around student debt relief, but the specifics are not yet clear. Advocates for student relief expect President Biden to extend the pause on repayments for at least four more months while also speaking on some measures of debt forgiveness given to some borrowers with income limits.

Democratic figureheads and allies for student debt relief have been calling on the White House to forgive at least $10,000 in student loan debt. During his run for president in 2020, Biden positioned himself as the President that will press Congress to forgive the loans. Yet, he hasn’t pulled through.

With Inflation sitting at a 40-year high, other Democrats are warning of the impact on the economy a massive debt cancelation can cause. Larry Summers, the former Treasury Secretary, has said that the extension on paused payments would be the “worst idea” as well as saying a cancelation would spark price growth in general.

The United States would be spending or adding on to its debt, nearly $300 Billion to $980 Billion over a ten-year span. There has already been $32 Billion worth of debt canceled under the Biden administration.

“From day one, we’ve been really focused on making sure we’re protecting our students and our borrowers. We know August 31st is a date that many people are waiting to hear something from. We’ve been talking daily about this. And I can tell you that the American people will hear within the next week or so from the president.”

Miguel Cardona, the Education Secretary, said.