Biden administration to forgive nearly $5B in additional student loan debt

The Biden administration on Wednesday announced an additional $4.8 billion in student loan debt relief, affecting more than 80,000 borrowers.

The announcement brings the total approved debt cancelation by the Biden administration to nearly $132 billion for more than 3.6 million Americans.

"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.

"The data released today once again make clear that the Biden-Harris Administration’s relentless efforts to fix the broken student loan system are paying…