The administration is considering various ways to forgive some student loan debt through executive action. In recent weeks, senior Biden aides have examined limiting the relief to people who earned less than either $125,000 or $150,000 as individual filers the previous year, the people said. That plan would set the threshold at around $250,000 or $300,000 for couples who file their taxes jointly, the people said. No final decisions have been made, and the people familiar with the matter stressed that planning was fluid and subject to change.

The White House is also weighing exactly how much student debt to eliminate for each borrower. Biden indicated to reporters this week that the amount would be lower than $50,000 per person. Administration officials have also signaled that the White House will cut at least $10,000 per qualifying borrower, the people said, embracing a position Biden himself appeared to support in a private meeting with the congressional Hispanic Caucus. The administration has also discussed limiting forgiveness to undergraduate loans, excluding those who had taken out loans for professional degrees in fields such as law and medicine, the people said.