President Joe Biden is expected to announce Wednesday afternoon a federal student loan forgiveness plan that will cancel up to $10,000 in student loans for some borrowers, and up to $20,000 in student loans for others.

FILE - In this Aug. 9, 2017, photo, flags decorate a space outside the office of the Education Secretary at the Education Department in Washington. President-elect Joe Biden has chosen the education commissioner for Connecticut and a former public school teacher to serve as education secretary. (AP Photo/Jacquelyn Martin)WASHINGTON – On Tuesday, the US Department of Education announced an expansion of the pause on federal student loan interest and collections to all defaulted loans in the Federal Family Education Loan Program. This action will help more than one million additional borrowers burdened by debt during the COVID-19 pandemic. Related: DeVos suspends federal student loan payments through January 2021