Biden's attempt to slash debt off students.
According to a recent statement by Vice President Harris, the Biden Administration will soon reveal its approach to forgiving federal student loan debt.
More than 40 million Americans are in debt for their education, with the total amount of outstanding student loan debt exceeding $1.7 trillion.
White House's priority has been to eliminate $10,000 in debt for borrowers making $125,000 or less annually.
This would completely eliminate millions of Americans' student debt.
In his closing remarks, Senate Majority Leader Chuck Schumer assured Biden that debt cancellation is "the correct thing to do morally and economically."
Even though such a significant cancellation may seem like a big step for Biden to take without Congress, legal and policy experts say the president is fully within his rights to make the decision.
Officials in the administration have repeatedly stated that the decision will be made before the end of August.
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