CARBONDALE, Ill. (WSIL) -- President Joe Biden is expected to announce an extension on the student loan moratorium and $10,000 in student loan forgiveness for each borrower, according to the Associated Press.
President Biden is expected to make that announcement Wednesday along with an extened pause on student loan payments to January 2023, according to the AP.
Makiah Golden, a junior at SIU-Carbondale, is one of 48 million Americans living with student loan debt, totalling $1.75 million.
Since March 2020, Golden and millions of others haven't had to make student loan payments as those were put on pause amid the beginning of the COVID-19 pandemic.
The moratorium is set to expire August 31.
"It would slow down my education just a little bit. So I'd have to work instead of going to school," Golden said.
Golden, a psychology major, hopes to one day open her own mental health facilty in her hometown of Chicago. But if the moratorium isn't extended, Golden may have to hit pause on her dream for now.
"[I feel] like I'm going to be pushed back some more," Golden said. "I feel like I need a better job to pay it off in time."
There's also talks that President Joe Biden is considering eliminating $10,000 in student loans for borrowers who make less than $125,000.
Sophomore student Nita Hall says she's accrued about $6,000 in student loan debt. Hall gets by with her job plus Social Security benefits. But if the moratorium ends, Hall says she won't take another loan out.
Hall hopes the federal government can help however they can.
"It would mean a lot. It would be a blessing to take all that off the students so it could be easy for them to get by in school. I want them to graduate I don't want to see nobody fail," Hall said.
Economics professor Kevin Sylwester, from SIU's School of Business & Analytics, says forgiving any student loans could result in people spending more, leading to soaring demand, less supply and higher prices.
"It's not clear that would happen," Sylwester said. "Some families might decide to work on bringing down other debt... pay back something else more quickly and so you wouldn't see the demand for goods and services increase."
Golden's best friend, Kamya Sutton, is also a junior at SIU and she's majoring in criminal justice. Sutton has bigger goals however: to become an attorney.
Sutton says while student loans can be burdensome, they're an investment for her future.
"It's what I got to do," Sutton said. "At the end of the day I'm coming out with a good job. I'm coming out with a good career."
Of the 48 million Americans living with student loans, 45 million took out federal student loans.