Biden is expected to make announcement on student loan relief on Wednesday

President Biden is expected to make an announcement on student loan relief on Wednesday, according to two sources familiar with the matter. 

It's not clear yet exactly what the president will ultimately announce, however. Canceling $10,000 in student loan debt for borrowers who make up to $125,000 is one of the possibilities, one source familiar with the discussions said. NBC News first reported the timing of Mr. Biden's announcement. 

It's also possible the administration may merely extend the pause on student loan payments again for now and wait to make an announcement on canceling any student loan debt.