Biden cancels $10,000 in federal student loan debt for most borrowers

President Joe Biden announced Wednesday that he will forgive $10,000 in federal student debt for most borrowers, fulfilling a campaign pledge and delivering financial relief to millions of Americans.

Biden will cancel up to $20,000 for recipients of Pell Grants.

“Both of these targeted actions are for families who need it the most,” the president said in remarks from the White House on Wednesday afternoon.