WATCH NOW: President Biden announces student loan plan

The President plans to make the announcement at 2:15 p.m. ET

President Joe Biden will announce his student loan plan at 2:15 p.m. ET on Wednesday, Aug. 24. The President plans to forgive student debt for some borrowers, including $10,000 for borrowers who make less than $125,000 per year and extending the payment freeze one final time until the end of the year.