Watch live: President Biden speaks about federal student loan forgiveness and the payment pause

The stream is scheduled to start at 1:45 pm There is an event taking place.

CNBC has a personal finance page where you can find coverage of Biden's remarks.

President Joe Biden said Wednesday that he will forgive $10,000 in federal student debt for most borrowers, fulfilling a campaign pledge.

Biden will reduce the amount of money given to recipients of the grants.

The relief will only be given to Americans who earn less than $125,000 per year. There is a cap on the amount of eligible debt that can be forgiven.

Most federal student loans will be paid off in December of 2022. The Trump administration paused as a result of the Pandemic. Payments have been suspended many times.

Mark Kantrowitz said that 9 million borrowers could have their balances cleared by Biden.

There are no precedents for the government to cancel consumer debt.

Student loan relief would affect you. Tell us your story. Please email Annie Nova at annie. nova@nbcuni.com if you are willing to share.