In keeping with a campaign promise, President Joe Biden said on Wednesday that he will forgive $10,000 in federal student loan debt for the majority of students, providing millions of Americans with financial relief.
In addition, Biden tweeted on Wednesday that beneficiaries of Pell Grants will have up to $20,000 in loans forgiven.
Only Americans who make less than $125,000 annually, or $250,000 for married couples or heads of household, will be eligible for the relief. According to the Education Department, the relief is limited to the total of a borrower's outstanding student debt.
President Biden also announced the student loan forbearance was extended for the final time to December 31, 2022.
Mark Kantrowitz, an expert on higher education, estimates that under Biden's proposal, at least 9 million borrowers might have their full debts forgiven.
Many Americans have been demanding student loan forgiveness for years. Many took to social media to react to President Biden's groundbreaking announcement.