PITTSBURGH (KDKA) - Lawmakers on both sides of the aisle are debating how to ease the historic level of student debt that millions of Americans are facing.

Americans have racked up more than $1.7 trillion in student loans, spread across some 43 million borrowers.

Democrats have argued President Biden can cancel student loan debt without congressional action. Republicans agree rising costs are a problem, but have legislation blocking the president from forgiving student loans.

Analysts say that even if a plan is passed, it would likely be a short-term fix.

"Loan forgiveness is a one-time event. It doesn't increase college access or graduation rates and it doesn't help future students," Mark Kantrowitz, a financial aid expert, says.

Polls show a majority of Americans favor some type of loan forgiveness.

A decision on how President Biden plans to move forward is expected soon.