(WWLP) – An announcement from President Biden on student loan forgiveness could be coming soon.

In the meantime, there are a few things borrowers should keep in mind as they consider the future of their debt.

First, if any forgiveness is announced, it will most likely not wipe our your entire balance. Contact your loan provider to see just how you have left to pay.

Experts say, don’t refinance with a private lender, despite low interest rates. Any forgiveness will likely only apply to federal loans.

Finally, make sure you qualify. Some loans from before 2010 were excluded from the federal pause on repayments and interest, and some experts think the same borrowers will be left out of forgiveness plans.