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President Joe Biden announced on Wednesday that he will forgive $10,000 in federal student debt for most borrowers, fulfilling a campaign pledge and delivering financial relief to tens of millions of Americans.

Biden will also cancel up to $20,000 for recipients of Pell Grants, he said in a tweet on Wednesday.

The relief will be limited to Americans earning under $125,000 per year, or $250,000 for married couples or heads of households. The relief is also capped at the amount of a borrower’s outstanding eligible debt, per the Education Department.

The President will also extend the payment pause on most federal student loans “one final time” through Dec. 31, 2022, according to the tweet.

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