Things are looking up for the 44 million Americans saddled with student loans.
President Joe Biden has said he supports canceling $10,000 in student loans per borrower.
Facing pressure from other Democrats, progressives and borrowers, Biden has now also asked his Education secretary to prepare a memo on his legal authority to wipe out as much as $50,000 each for all.
“I think the odds of some student loan forgiveness being enacted is as good as it has ever been,” said higher education expert Mark Kantrowitz.
Still, nothing is certain, and many borrowers have a lot of questions while they wait to learn the fate of their debt, which can impact everything from when and if they’re able to buy a home to the careers they pursue.
Here are some answers, based on what we know at the moment.