Biden Cancels $10,000 of Student Loans for Borrowers Earning Under $125,000

President Joe Biden announced Wednesday that he would cancel up to $10,000 of federal student loan debt for borrowers making less than $125,000 per year.

Biden also extended a pause on student loan payments — which began in March 2020 under former President Donald Trump — until the end of the year. Furthermore, those who received need-based Pell Grants will see up to $20,000 of student debt canceled, and those with undergraduate loans will be able to cap monthly payments at 5% of their income. Biden is scheduled to speak on the matter at 2:15 p.m. ET.

The move fulfills one of Biden’s more controversial campaign pledges after months of internal White House debate over whether the move would spur inflation, which finally evened out in July. There has also been a public debate over the fairness of student loan forgiveness, since most Americans either did not attend college or have already paid off their loans. A July poll found that 51% of Americans supported $10,000 of student debt cancellation.

Coverage differed starkly between right and left-rated outlets, with the right often emphasizing the move’s impact on the national debt; a Fox News (Right bias) headline featured the tagline “$300,000,000,000,” along with a gif of money raining down over Biden. Some coverage from left-rated outlets like CNN (Left bias) emphasized “months of intense internal debate.”