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

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

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

Nearly one-fifth 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.

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