"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," Biden said via Twitter.
The US government will forgive up to $20,000 for individuals who took out Federal Pell Grants while individuals who took out regular federal loans could get up to $10,000 in debt canceled, Biden said.
The student loan forgiveness program being rolled out by Biden will only apply to individuals who earn an income of less than $125,000 a year.
Biden said he will provide more details on this issue during a press conference later on Wednesday.