Despite President Joe Biden's campaign pledge to cancel $10,000 in debt per borrower, he's been largely silent on the issue through his presidency.
But there may be a light at the end of tunnel for more than 40 million Americans with federal student loans.
In late April, Biden said he'd "have an answer" on relief in the coming weeks. That was a year after Biden asked the Department of Education to prepare a memo outlining his legal power to cancel student debt. Insider found that the Education Department created and circulated the memo, but Biden has not revealed its contents.
Instead of relief for all borrowers, so far, Biden has focused on targeted groups like borrowers with disabilities and those defrauded by for-profit schools, who have seen more than $9 billion in collective debt relief. He also extended the pandemic pause on student loan payments four times since taking office, following two from former President Donald Trump.
Democrats are pressuring him to relieve borrowers in fear of low midterm turnout, with some progressives urging him to cancel at least $50,000 for those in debt. Meanwhile, Republicans senators have introduced bills intended to prohibit cancellation.
Biden's approval rating among the young people who helped get him elected is tanking. With the payment pause set to expire after August 31, Americans are on pins and needles to find out what Biden will do.
Here's everything we know so far.