Biden extends $9 billion more of student debt relief to 125,000 borrowers

President Joe Biden announced Wednesday $9 billion in new student loan debt relief for 125,000 borrowers.

White House officials called the move a "key step" in his efforts "to fix the broken student loan system, make college more affordable, and bring the promise of higher education in reach for more Americans."

The relief itself comes in the form of restructured income-driven repayment plans and Public Service Loan Forgiveness, the core focus of Biden's debt agenda following the Supreme Court's striking down of his unilateral cancellation earlier this year.

In total, $5.2 billion of Wednesday's allotment will be extended to 53,000 borrowers through Public Service Loan Forgiveness programs, and $2.8 billion comes from amending income-driven repayment plans so that "borrowers who made 20 years or more of payments" can receive "the relief they were entitled to," according to the White House.