WASHINGTON - President Joe Biden said Wednesday he will cancel at least $10,000 in student loan debt for millions of borrowers, giving long-sought relief to Americans saddled by payments and taking a major gamble to energize young voters ahead of the midterm elections.

Biden announced his long-awaited decision in a speech from the White House’s Roosevelt Room, delivering on a campaign promise yet falling short of demands from progressive Democrats who wanted even more debt forgiven.

Biden, who made the move using executive authority, said it’s become out of reach for many Americans to go to college.

“That ticket has become too expensive for too many Americans," he said. "The burden is so heavy that even if you graduate, you might not have the ticket that graduating college once offered."

Here's what we know:

• How much will be forgiven? Up to $20,000 in debt relief for around 7 million low-income Pell Grant recipients; $10,000 for all other borrowers with incomes less than $125,000 and from households earning $250,000 or less.
• How many borrowers will be affected? Up to 43 million borrowers are set to receive some form of relief. Roughly 20 million will have their balances canceled entirely.
• Inflation watch: Corporate America has a mixed reaction to the president's plan. Some economists have said forgiveness could spark inflation and put pressure on the value of the dollar — a concern the White House has dismissed. 

For months, Biden held off making a final decision amid pressure from fellow Democrats, unions and other liberal groups pushing him to cancel at least $50,000 in student loan debt. His move to target $10,000 as a baseline won mostly praise from the left but also pushback from activists seeking more.  

The president also opened the door for attacks from Republicans, who slammed the debt cancelation plan as an elitist ploy to help the rich and punish hard-working Americans who paid off their student loan debts.Sen. Elizabeth Warren, D-Mass, and other progressive Democrats had been pushing Biden for months to cancel up to $50,000 in debt per borrower. If she was disappointed with today’s announcement, however, she didn’t show it.

“The cancellation the President is offering is historic,” Warren said. “It will be life changing for tens of millions of people. I will keep pushing to raise the numbers, but we need to pause for a minute to recognize just how powerful the President’s announcement today is.”

Warren also gave credit to Biden for limiting how much borrowers will have to pay on their loans through income-driven repayment plans. Ultimately, she said the debt cancellation is a bet on the country’s future.

This is America saying that our people, even people who don’t have a lot of money, are our best investment,” she said. “And we’re just going to keep right on investing. I love it.”

– Chris Quintana