Officials weighing student loan relief, but cite more inflation concerns

(KYMA, KECY/ CNN) - Americans have an estimated $1.6 trillion in student loan debt and the President says he might try to forgive some of those federal student loans.

The problem is, experts say that could increase inflation.

President Biden says he plans to announce his decision on federal student loan relief within the next couple of weeks.

Members of his own party are asking him to forgive $50,000 per borrower.

But he says he won't do that.

Biden campaigned on forgiving a fifth of that amount -- waiving what some students owe for undergraduate studies at public schools