Biden announces up to $10k student debt cancelation, $20k for Pell Grant recipients

Student debt relief for millions: up to $10k for people earning less than $125k a year, and up to $20k for Pell Grant recipients.

The president will provide the details of his plan at 14:15 EST (18:15 GMT). An estimated 43 million Americans owe a combined total of $1.6tn in federal student debt. Nearly one-fifth owe less than $10,000. "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," Mr Biden said on Twitter.

Update: Details of the plan.