SPRINGFIELD, Mass. (WWLP) – After years of postponed payments, President Joe Biden is expected to make an announcement Wednesday on the fate of student loans.

Currently, the deadline to start repayment of student loans is just around the corner in September, but the Biden Administration is expected to extend the current freeze, and provide forgiveness.

Student debt cancellation was central to Biden’s presidential campaign in 2020. According to multiple sources, the President will announce $10,000 worth of relief individually for borrowers who earn less than $125,000 per year. He is also expected to extend the pause on student loan payments for several more months.

More than 45 million Americans owe some money in federal student loans.

Through smaller measures, the administration has already canceled $32B in debt for 1.6 million Americans. Wednesday’s expected announcement would come as a long-awaited relief for many at a crucial time. Undergraduate enrollment numbers for spring 2022 are 9.4% lower than at the same time the previous year, and there are four million fewer college students today than there were 10 years ago.

Some young people question the high cost of college and the benefit a degree will provide them in the working world. A recent survey indicated less than 1/3 of adults say a college degree is worth the cost.