He explained how minorities have often built up less familial wealth, with reduced rates of home ownership - yet some conservatives denounced his remarks as racist.
Some 40 million Americans could see their student loan debt reduced by the long-awaited measures.
"The burden is especially heavy, heavy on Black and Hispanic borrowers, who on average have less family wealth to pay for it," announced Biden at the White House.
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"They don't own their homes to borrow against to be able to pay for college."
"And the pandemic only made things worse."
The most recent report by the National Association of Realtors discovered that although homeownership among White Americans runs at 72.1 percent, it remains at 43.3 percent among black Americans - lower than 10 years ago.
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Critics on social media announced that Biden's generalization went too far.
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"This is just racist nonsense," announced conservative writer A.G. Hamilton.
Black campaigners stated the $10,000 forgiveness program did not go far enough.
"I'm glad the Biden administration is hearing our calls for something to be done about the student loan crisis," announced Rashad Robinson, president of Color of Change.
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"But, considering that Black people put this administration in power first, we expect more than a solution that keeps our communities on the margins."
In his speech, Biden declared that inflation would not be affected by the forgiveness plan.
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"Independent experts agree that these actions taken together will provide real benefits for families without meaningful effect on inflation," Biden announced throughout a press conference on Wednesday.
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Biden appeared with Education Secretary Miguel Cardona to officially announce his administration is canceling $10,000 in debt for individuals making less than $125,000 annually and joint filers making less than $250,000. Those who got Pell Grants for college will be eligible for $20,000 in relief under the same salary thresholds.
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He also noted at the press conference, after his Twitter declaration of the future of student loan forgiveness, that he is extending the pandemic-era repayment moratorium only one more time. Borrowers will need to resume their payments come January.
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Republicans immediately bashed the forgiveness plan as "unfair," arguing families who worked hard to save or pay for college will not get the benefits.
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Biden's Domestic Policy Council Director Susan Rice accused Republicans of a double standard, arguing they were on board with the Paycheck Protection Program under Donald Trump that gave small businesses loans, without obligation, to proceed and operate throughout the pandemic and pay their workers.
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