The Biden administration announced Wednesday that it would forgive an additional $4.8 billion in student loan debt, for 80,300 borrowers.
The relief is a result of the U.S. Department of Education's fixes to its income-driven repayment plans and Public Service Loan Forgiveness program.
"Before President Biden took office, it was virtually impossible for eligible borrowers to access the student debt relief they rightfully earned," U.S. Secretary of Education Miguel Cardona said in a statement.
More than $2 billion of the aid will go to nearly 46,000 borrowers enrolled in income-driven repayment plans.
The Biden administration has now cancelled nearly $132 billion in student debt for more than 3.6 million Americans.
"Biden has forgiven more student loan debt than any previous president," Kantrowitz said.
Former New Jersey Gov. Chris Christie has said that Biden didn't have the authority to cancel student debt without prior authorization from Congress. »