President Joe Biden announced his latest student loan forgiveness plan by canceling $7.7 billion in debts, taking the total amount of such loans canceled under his administration to $167 billion.

“Today, my Administration is canceling student debt for 160,000 more people, bringing the total number of Americans who have benefitted from our debt relief actions to 4.75 million,” President Biden said in a May 22 statement. “Each of those borrowers has received an average of over $35,000 in debt cancellation. These 160,000 additional borrowers are people enrolled in my Administration’s SAVE Plan; are public service workers like teachers, nurses, or law enforcement officials; or are borrowers who were approved for relief because of fixes we made to Income-Driven Repayment (IDR).”

Out of $7.7 billion, $5.2 billion is relief granted to 66,900 borrowers under Public Service Loan Forgiveness (PSLF), a program for government and NGO employees. Once a borrower has made 120 qualifying monthly payments on their debt, PSLF can forgive the remaining portion of the dues. In total, the Biden administration has approved $68 billion in forgiveness for over 942,000 borrowers under PSLF.

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