Biden confirms he's nearing a decision on student-loan forgiveness and says a payment pause extension is 'on the table'

• Biden told reporters that he is close to making a decision on student loan forgiveness.

• There is a student-loan payment pause extension on the table, according to him.

• Relief is likely to be announced in July or August by Biden.

A decision that will affect millions of student-loan borrowers is on the horizon.

On Monday, while walking along the water in Delaware, Biden took a few minutes to chat with the press on a variety of topics. He acknowledged his long-awaited student loan forgiveness announcement. While the White House has not confirmed any plans, Biden told reporters that he is close to making that announcement.

The president was asked by a reporter if he was considering extending the student loan payment pause.

Biden said it was all on the table.

According to the Wall Street Journal, Biden is planning to announce student loan relief in July or August. In April, Biden told reporters that a decision on loan forgiveness would be made soon. Since then, advocates and many Democratic lawmakers have been pushing the president to use this time to go big on relief, rather than sticking to his campaign promise of $10,000.

There are policies where a halfway approach is kind of a waste as it's not much better than nothing. We want people to experience the benefits of student loan forgiveness.

Elizabeth Warren told The Philadelphia Inquirer that it was a number to get the most relief. In April, Biden said he wasn't considering $50,000 in relief, but Democrats like Warren continued to push for more.

Republicans argue that student-loan relief will hurt the economy and cost taxpayers. The education secretary has been asked about how prepared the department is to carry out forgiveness once it is implemented.

You said you are ready to act on student loan forgiveness, but you can only do that if you know the plan. The top Republican on the education committee is Virginia Foxx.

At some point, people are going to have to start paying what they can afford to pay, but Cardona said a few weeks ago that he is ready to roll with whatever Biden decides.

Business Insider has an article on it.