President Biden is expected to announce a plan Wednesday to cancel thousands of dollars in federal student loan debt for borrowers who make less than $125,000 per year — despite one think tank warning it could cost the average taxpayer more than $2,000.

CNN, citing multiple sources familiar with the discussions, first reported late Monday that the president would announce the write-off of up to $10,000 per borrower after he returns to Washington from his Delaware beach house.

The Associated Press reported Tuesday evening that Biden will also announce an extension of the current loan payment moratorium until January, after the midterm elections.

Republicans accused the Biden administration of trying to buy the votes of young, college-educated Americans from wealthy families in November.

“Most Americans do things the right way. You pay your debts,” tweeted Rep. Nancy Mace (R-SC). “Instead, our Administration wants to redistribute billions in student loan debt to our taxpayers.”

“My neighbor, a detective, worked 3 jobs (including selling carpet) & his wife worked to make sure their daughter got quality college degree w/no student debt,” tweeted Rep. Kevin Brady (R-Texas), the top GOP member on the House Ways and Means Committee. “Big sacrifice. Now their taxes must pay off someone else’s student debt?”

An analysis by the Penn Wharton Budget Model backed up that claim, estimating that the cancellation would cost the federal government $329.7 billion over the next 10 years — with up to 73% of the cancellations assisting households in the top 60% of earners in the US. 

Based on that analysis, the National Taxpayers Union Foundation worked out the average cost of Biden’s announcement to $2,085.59 per taxpayer.

“Some may dispute that taxpayers bear the cost of canceling student debt,” NTUF federal policy director Andrew Lautz wrote on the organization’s website. “But the $329 billion cost of student debt cancellation would be $329 billion previously borrowed from the federal government and not returning to the Treasury. Policymakers will need to make up for that gap in the future with government spending cuts, tax increases, more borrowing, or some combination thereof.”

Education Secretary Miguel Cardona first hinted Sunday that an announcement on either forgiving student debt or extending the payment moratorium would come in the next week.

The current pause has been in effect since March 2020, when President Donald Trump ordered a halt to collections amid the onset of the COVID-19 pandemic. Biden extended the moratorium to the end of August on April 6 of this year.

“We know Aug. 31 is a date that many people are waiting to hear something from,” Cardona told NBC’s “Meet The Press.” “We’ve been talking daily about this, and I can tell you the American people will hear within the next week or so.” 

“As a reminder, no one with a federally held loan has had to pay a single dime in student loans since President Biden took office, and this Administration has already canceled about $32 billion in debt for more than 1.6 million Americans — more than any Administration in history,” a White House official told The Post. 

Some progressives, as well as Senate Majority Leader Chuck Schumer (D-NY), have urged Biden to cancel up to $50,000 of loans per borrower — a move the president has rejected. 

The Associated Press, citing a Democrat with knowledge of the call, reported that Schumer had spoken by phone with Biden Tuesday, imploring him to forgive as much debt as the administration can.

Some left-wing organizations said Tuesday that the reported announcement didn’t go far enough.

“If the rumors are true, we’ve got a problem,” NAACP president Derrick Johnson told the AP.

“President Biden’s decision on student debt cannot become the latest example of a policy that has left black people — especially black women — behind,” he said. “This is not how you treat black voters who turned out in record numbers and provided 90% of their vote to once again save democracy in 2020.”

While student loan forgiveness is extremely popular among Democrats, a new CNBC survey has found that most Americans believe it would worsen inflation. 

The poll, conducted earlier this month among 5,142 adults, revealed that 59% of adults ages 18 to 34 think debt cancellation will make the US economic situation worse, with 60% of adults ages 35 to 64 and 54% of adults age 65 and older agreeing. 

While 80% of Republicans thought loan forgiveness would hamper the economy, independent and Democratic voters were less worried — with only 56% and 41%, respectively, saying it would worsen the situation.

With Post wires