Biden administration announces new round of debt forgiveness worth $7.7 billion

The Biden administration on Wednesday announced a new round of student debt forgiveness – $7.7 billion to over 160,000 borrowers. 

Three categories of eligible borrowers are those receiving Public Service Loan Forgiveness (PSLF), signed up for President Biden's Saving on a Valuable Education (SAVE) Plan who are also eligible for its shortened time-to-forgiveness benefit and people receiving forgiveness on income-driven repayment (IDR) as a result of fixes made by the administration, according to Fox News.

The election-year relief program is being administered through the Education Department.