After more than a year of debates, protests, meetings and deliberations, President Biden is fulfilling a campaign promise to cancel some of the federal student debt held by millions of Americans.

Under the plan, borrowers can qualify for up to $10,000 in student loan forgiveness, and recipients of Pell Grants are eligible for an additional $10,000 in forgiveness. Only borrowers earning under $125,000 per year — or $250,000 per year, for a married couple filing taxes jointly — qualify. The Biden administration also announced that it is extending the current moratorium on payments until Dec. 31 and implementing a new cap on the maximum monthly payments of undergraduate borrowers, among other changes.

The White House estimates roughly 43 million federal student loan borrowers are eligible for forgiveness, and about 20 million could have their debt completely wiped out, according to a senior administration official who briefed reporters on Wednesday. The policy will deliver the single largest discharge of education debt on record.

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