What to know about Biden's debt plan.

President Joe Biden Confirmed Wednesday to forgive or reduce student loan debt for millions of debt-saddled borrowers.

He said If you earn less than $125,000 annually ,you're eligible to receive cancellation of up to $10,000 in federal student loans.

If you received a Pell Grant, you can get up to $20,000 forgiven.

If you're not eligible for any student debt forgiveness, your pause on repayments continues to be paused until year end.

The Department of Education is also working on a proposal introducing a new repayment plan to ease the burden on borrowers.