The White House has not yet decided on the specifics of a student loan forgiveness announcement, and it is unclear how far Vice President Joe Biden could go toward cancelling student loans.

The White House hasn't settled on specifics for broad student loan forgiveness, reports the Washington Post.

Biden's announcement on student loan relief could come before September 1, 2022, when federal loan payments resume.

For more than 40 million borrowers of student loans, Biden is debating whether to enact widespread student loan forgiveness.

The Biden administration is carefully deliberating whether to cancel all student loans, as the Washington Post points out, for a number of reasons.

The Biden administration does not want the public to believe that widespread student loan forgiveness will cause inflation, which has reached a 40-year high.

Democrat Larry Summers, a former U.S. Treasury Secretary, has argued that widespread student loan forgiveness could increase inflation.

If student loan borrowers have more disposable income, they might use it to spend in the market, which would boost demand and possibly raise prices.

Republicans in Congress assert that widespread cancellation of student loans will fuel uncontrollable inflation.

The White House disagrees, claiming that any significant reduction in student loan debt will have little to no effect on inflation, if any.

The perception that widespread student loan forgiveness entails wealth redistribution is being considered by the Biden administration.

The most recent data on student loan debt shows that there are 45 million borrowers with a total debt of $1.7 trillion.