President Biden is expected to announce Wednesday that he will cancel some federal student loan debt for tens of millions of Americans through a long-awaited executive action, which would provide unprecedented relief for borrowers but is certain to draw political and legal challenges.
The action would be the culmination of more than a year of debate within the Biden administration on debt forgiveness. Mr. Biden is also expected to extend the pandemic pause on student loan payments, likely through the end of the year. Loan payments were set to resume for millions of borrowers after Aug. 31.
