Joe Biden wrote off $10,000 to $20,000 in student loans
The new package includes student debt relief, an extension of the 4-month moratorium on student loan repayments, and plans to cap payments on such loans at 5% of the borrower's income.
Loans would be forgiven up to $10,000 for Americans with an annual income of less than $125,000. Debt forgiveness of $20,000 would apply to loans for those who also receive Pell grants.
The U.S. president also said in his speech that these are very difficult times and getting a college degree does not guarantee that Americans will make it into the middle class population.