Secretary of Education Miguel Cardona.

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Washington CNN  — 

Within the “next week or so.”

That’s when US Education Secretary Miguel Cardona said Americans can expect a decision from the Biden administration on student loans.

Millions of borrowers are anxiously waiting to hear whether President Joe Biden will extend the pause on federal student loan payments, which is set to expire August 31, or possibly forgive any of their debts. As a reminder, borrower balances have effectively been frozen since the beginning of the Covid-19 pandemic, with no payments required on most federal student loans since March 2020.

“We’ve been talking daily about this, and I can tell you the American people will hear within the next week or so from the President and the Department of Education on what we’re going to be doing around that,” Cardona told NBC’s Chuck Todd on “Meet the Press.”

He did not elaborate, saying he would not get ahead of the announcement. “I don’t have any news to announce today,” Cardona said.

Here’s what you need to know.

What is Biden weighing?

CNN has learned that White House officials have been weighing – and leaning toward – the cancellation of up to $10,000 in student loan debt per borrower tied to an income threshold. The plan, according to multiple sources familiar with the discussions, is designed to offer the forgiveness to individuals who earn less than $125,000 per year.

In addition to that baseline of student loan debt forgiveness for individuals who fall under a certain income level, administration officials have also recently discussed the possibility of additional forgiveness for specific subsets of the population, according to sources familiar with internal discussions in the administration.

Some Democratic lawmakers and advocates have been calling on Biden to broadly cancel up to $50,000 in student loan debt per borrower, although the President has said he would not consider that number.