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- Biden announced student loan cancellation on Wednesday, following through on a campaign promise.
- Some borrowers who make less than $125,000 will have up to $10,000 forgiven.
- The loan must have come from the federal government and been used to pay for undergraduate study.
President Joe Biden announced Wednesday that the government will cancel up to $10,000 in student loan debt for some borrowers who make less than $125,000, and cut $20,000 off debts for Pell Grant recipients.