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Biden is preparing to announce student loans on Wednesday...

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People with knowledge of the situation said that White House officials expect President Biden

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to make a statement on Wednesday about his strategy to address student loan debt.

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The president and his top advisers have been debating whether to forgive some federal student loan debt for months.

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Top advisors to Mr. Biden have reportedly explored a number of ideas, including waiving

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$10,000 in federal student loan debt for students earning less than $125,000 annually.

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Additionally, the advisors to the administration have spoken about extending the temporary halt on federal student loan payments.

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The White House has maintained strict secrecy regarding the decision's specifics.