(Washington, DC) — President Biden is canceling some federal student loan debt. Speaking at the White House, Biden noted college costs have gone up significantly in recent years. He said student loans have led to “unsustainable debt” for too many Americans. The forgiveness offers ten-thousand dollars of debt relief for those earning less than 125-thousand dollars per year.

Those who went to college on low-income Pell Grants qualify for 20-thousand dollars of debt relief on federal student loans. Biden is also extending the pause on federal student loan payments through the end of the year. He noted this will be the final pause in the payments, first implemented due to the COVID economic crisis.