White House officials have been weighing — and leaning toward — the cancellation of up to $10,000 in student loan debt per borrower tied to an income threshold, CNN has learned.

According to multiple sources familiar with the discussions, the plan is designed to offer forgiveness to individuals who earn less than $125,000 per year.

In addition to that baseline of student loan debt forgiveness for individuals who fall under a certain income level, administration officials have also recently discussed the possibility of additional forgiveness for specific subsets of the population, according to sources familiar with internal discussions in the administration.

The announcement could come as early as Wednesday, but it is not clear that a final decision on the details of the announcement — as well as the timing — has been made, and there could always be eleventh-hour changes. The White House is also expected to address in the coming days whether to extend again the current pause on federal student loan payments, which is set to expire on Aug. 31.

CNN has reached out to the White House for comment.

In recent days, White House officials have been in communication with lawmakers to discuss their thinking on student loan debt forgiveness, ahead of the current pause on payments expiring. Last week, for example, Senate Majority Leader Chuck Schumer, Democratic Sen. Elizabeth Warren of Massachusetts, and Democratic Sen. Raphael Warnock of Georgia had a discussion with senior White House officials, sources said.

The White House has suggested in the past that Biden was considering canceling $10,000 per borrower but excluding those who earn more than $125,000 a year.

Setting an income cap, which has been the subject of intense debate both inside and outside the administration, was also crafted as a buffer against criticism that the forgiveness would benefit those with the means to manage their debt payments.

Education Secretary Miguel Cardona said Sunday that Americans can expect a decision from the administration on student loans in the "next week or so." With less than two weeks to go, Americans have been left guessing for weeks whether Biden will extend the current moratorium or, perhaps, forgive some of their debt.

"We've been talking daily about this, and I can tell you the American people will hear within the next week or so from the President and the Department of Education on what we're going to be doing around that," Cardona told NBC's Chuck Todd on "Meet the Press."

He did not elaborate on the details, saying he would not get ahead of the announcement.

Some Democratic lawmakers and advocates have been urging Biden to broadly cancel up to $50,000 in student loan debt per borrower, but the president has consistently pushed back on canceling that much.

Biden has canceled more student loan debt than any other president, with his administration authorizing the cancellation of nearly $32 billion in loans largely for borrowers who were defrauded by their for-profit colleges and for permanently disabled borrowers.

The White House said Monday that it still has no plans to extend a pause on student loan payments that has been in effect since the start of the pandemic.

When asked Monday if the Biden Administration has any plans to extend the moratorium on loan payments, press secretary Jen Psaki said that a "smooth transition back into repayment is a high priority for the administration."

"The Department of Education is already communicating with borrowers to help them return to repayment on Feb. 1 and has secured contract extensions with loan servicers. So, we are preparing for a range of steps here," Psaki said.

She added that the White House is monitoring the impact that the omicron variant could have on the economy and added the administration would release more information on their plans in the weeks ahead.

In August, the White House extended the pause on student loan payments through January 2022. At the time, the Biden Administration noted that it would be the final time it would extend the moratorium.

The Trump Administration put a moratorium on student loan payments at the start of the pandemic. Since then, borrowers have not been required to make monthly payments on their loans.

According to Scripps political reporter Joe St. George, an estimated $110 billion is believed to be in the hands of Americans and not the federal government as a result of the no-payment pandemic policy.

The pause on federal student loan payments, interest, and collections has been extended until Jan. 31, 2022.

The Department of Education made the announcement Friday afternoon and said it will be the final extension.

Before the extension, the student loan payment moratorium that was put in place to help those struggling during the pandemic was set to expire on Sept. 30.

The department says it believes this additional time will allow borrowers to plan for the resumption of payments and reduce the risk of delinquency and defaults once payments resume.

The department says it will continue its work to transition borrowers smoothly back into repayment, including by improving student loan servicing.

“The payment pause has been a lifeline that allowed millions of Americans to focus on their families, health, and finances instead of student loans during the national emergency,” said U.S. Secretary of Education Miguel Cardona in a statement. “As our nation’s economy continues to recover from a deep hole, this final extension will give students and borrowers the time they need to plan for restart and ensure a smooth pathway back to repayment. It is the Department’s priority to support students and borrowers during this transition and ensure they have the resources they need to access affordable, high quality higher education.”

The department says it will begin notifying borrowers about this final extension in the coming days, and it will release resources and information about how to plan for payments to restart as the end of the pause approaches.