After more than a year of internal White House debate, the president is set to announce later Wednesday that he will cancel $10,000 of federal student loan debt for borrowers earning less than $125,000 a year or couples making less than $250,000 a year , according to people familiar with the matter. In addition, those receiving federal Pell grants who make less than $125,000 a year would be eligible for a total forgiveness of up to $20,000, some of the people said.
