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Biden cancels $10,000 in student loan debt

US President Joe Biden will cancel up to $10,000 (£8,474) in federal student loans for millions of Americans who earn less than $125,000 each year. 

Mr Biden also forgive $20,000 debt for students on Pell Grants, which applies to those in greatest financial need.

An estimated 43 million Americans owe an estimated combined total of $1.6tn in federal student debt.

According to BBC news,almost a third 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.

Writing by Mariam Benjamin; editing by Adeniyi Bakare