US President Joe Biden's administration is reportedly planning to cancel $10,000 in student debt per borrower, reported the Washington Post citing sources on Friday. Biden had reportedly hoped to make the announcement as soon as this weekend, though this has been delayed in light of the recent massacre in Texas. 

Reducing student debt by $10,000 of per borrower could cost as much as $230 billion, a nonpartisan think tank called the Committee for a Responsible Federal Budget has said. The timing of the relief isn't clear, but would mark a massive fiscal injection that critics might argue could make the Fed's inflation-fighting job harder.