An important decision on student loan forgiveness is nearing by the Biden administration - that could impact millions of Americans and this year's midterm elections.

Student Loan Forgiveness

According to reports:

President Biden will unveil a plan that will erase $10,000 from student loans per person.

It’s expected:

Student loan debt worth $300 billion will be forgiven by President Joe Biden.

Image/NBC

Eligibility Criteria:

Loan forgiveness may be available to borrowers making less than $125000 in annual income.

This debt cancellation scheme would be applied only to students who have taken federal loans, not from private lenders.

According to the Education Data Initiative:

Nearly 43 million Americans have student loan debt, with the average borrower owing $37,000.

Researchers say:

 Over the next 10 years, it will cost the federal government $300 billion to $980 billion to forgive $10,000 in federal college student loans.