43 million people face the burden of student loan debt.

By Brad Callas, Complex

Just a week after announcing plans to expand student loan forgiveness and income-based repayment programs, President Biden is reportedly exploring options to forgive most of the $1.6 trillion the country holds in federal student loan debt.

CBS News reports Biden discussed the issue during a meeting at the White House on Monday with members of the Congressional Hispanic Caucus. As of 2022, more than 43 million borrowers owe a collective $1.6 trillion in student loan debt, which ranks behind mortgages as the second-largest debt held by Americans.

Protester at rally holding sign with words Biden Cancel Student Debt already

At the meeting on Monday, press secretary Jen Psaki revealed that the Biden Administration plans to make a decision about forgiving student loan debt between now and August. Federal student loan payments are currently paused through the end of August.

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