President Joe Biden is considering how to make moves toward forgiving some student loan debt and has promised that he will have answers within the next few weeks.

"I am considering dealing with some debt reduction," he told reporters at the White House on Thursday.

The president explained that if any type of student loan forgiveness does get approved that it will not be an amount greater than $50,000.

"I am not considering $50,000 debt reduction [per borrower], but I'm in the process of taking a hard look at whether or not there are there will be additional debt forgiveness,” Biden said.

"I'll have an answer on that in the next couple of weeks," he added.

Biden recently extended the student loan payment pause till Aug. 31. 2022. But borrowers are asking for more time, and many would like to see student loans be forgiven altogether.

Total student debt reached over $1.7 trillion last year, and the pandemic has also now created challenges for people to make payments.

“The burden of debt is keeping far too many Americans from financial stability, buying homes, starting families and building their futures,” White House. Representative Tony Cárdenas, Democrat of California said in a statement, The New York Times reported.

“Providing debt relief to millions of Americans is the right thing to do,” he added.

Some political leaders are still optimistic about getting $50,000 per borrower forgiven which some leaders see as the most realistic goal.

Senate Majority Leader Chuck Schumer said Wednesday he was "really hopeful that the goal that we have had, $50,000 of student loans canceled, is getting more and more likely.”