The White House’s policy would cancel up to $10,000 in federal student loan debt for borrowers who earn less than $125,000 per year, or less than $250,000 for married couples, or up to $20,000 for those who received federal Pell Grants. The Biden administration has been adamant that it has the legal authority to cancel student debt, citing a 2003 law giving the executive branch broad authority to overhaul student loan programs.