President Joe Biden said Wednesday he will grant student loan forgiveness of $10,000 for millions of borrowers who qualify. In a tweet spelling out his plans, Biden also said he would forgive up to $20,000 in debt for Americans who borrowed money under the Pell Grant program for low-income students. The long-anticipated move is expected to be accompanied by an extension until January of the federal student loan payment pause, which has been in place since March 2020 and was set to expire Aug. 31. Roughly 43 million Americans hold federal student loan debt to the tune of $1.6 trillion, according to recent federal data. Biden's move is expected to have an income cap of $125,000. The action would fulfill a campaign promise. Advocates for widespread debt relief had grown impatient with the president’s inaction, and some had started to question if debt relief would materialize. “In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023,” the president wrote in a tweet. #biden #studentloandebt #studentloanforgiveness