Millions of Americans are waiting for the Biden Administration’s next hint at how he’ll address the student loan crisis.

Student loan borrowers have been paying attention since President Biden pledged during his 2020 presidential campaign to forgive $10,000 of federal student loan debt per person.

Now, the administration is reportedly nearing a final decision. For now, here’s what we do know, what we don’t, updates on people who have already had their federal student loans forgiven, and critiques of possible polices.

Currently, the Biden administration’s forgiveness plan will reportedly include $10,000 of federal student loan forgiveness for tax single tax filers who make $150,000 or less or $300,000 jointly.

The Biden administration's forgiveness plan includes $10,000 in federal student loan forgiveness for single taxpayers making $150,000 or less or $300,000 combined.

President Biden extended the moratorium on repayment of federal student loans, this time until the end of August.

The Education Department announced that at least 40,000 borrowers would immediately have their debt canceled and more than 3.6 million will receive at least three years of credit toward forgiveness under the IDR plan.

107,000 former ITT Tech students had $1.26 billion in loans forgiven. Another 66,000 customers with Navient private school loans had $1.7 billion in debt eliminated due to predatory lending and improper loan servicing.