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Tens of millions of Americans with federal student loan debt of $10,000 or more

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will have their debt forgiven by President Biden by executive action,

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which would be a first for borrowers but is guaranteed to face legal and political obstacles.

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According to people familiar with the situation, the president is expected to announce later on Wednesday

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that he will forgive $10,000 in federal student loan debt for borrowers earning under $125,000 annually or

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couples earning under $250,000 annually. This decision follows more than a year of internal White House debate.

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In addition, several of the participants stated, that those who get federal Pell Grants and earn

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less than $125,000 a year would be eligible for entire forgiveness of up to $20,000 in debt.