• President Joe Biden announced he will forgive $10,000 in federal student debt for most borrowers and up to $20,000 for recipients of Pell Grants.
  • Borrowers describe their reaction to the unprecedented financial relief after years of anticipation.

"I am so happy that Biden kept his promise," said Lea Ceasrine, 28, after the White House announced it will cancel up to $10,000 in federal student debt and up to $20,000 for recipients of Pell Grants who meet income qualifications.

As one of the roughly 27 million borrowers who earn under $125,000 a year and are eligible to receive up to $20,000, the Chicago-based podcast producer expects to get the full benefit of loan relief.