White House officials are planning for President Biden to make an announcement on Wednesday about his proposal for dealing with student-loan debt, according to people familiar with the matter.

The president and his senior aides have for months been weighing whether to cancel some federal student loan debt. Mr. Biden’s top advisers have discussed several proposals, including eliminating $10,000 in federal student-loan debt for borrowers making less than $125,000 a year, the people said. The president’s advisers have also discussed extending a pandemic pause on federal student-loan payments.