President Joe Biden said Wednesday he will cancel at least $10,000 in student loan debt for millions of borrowers, giving long-sought relief to Americans saddled by payments and taking a major gamble to energize young voters ahead of the midterm elections. Up to $20,000 in debt relief will be given to low-income Pell Grant recipients; $10,000 for all other borrowers with incomes less than $125,000 and from households earning $250,000 or less. Biden said the relief to some student loan borrowers is “an economically responsible course.” “As we provide targeted relief, we’re taking an economically responsible course,” Biden said, pushing back on concerns of how the relief will impact inflation. Outlining the White House’s plan to forgive student loan debt, Biden also said the moratorium on student loan payments will be extended one last time to Dec. 31.