Biden cancels over $1 billion in student loan debt for 153,000 borrowers

President Joe Biden announced Wednesday that his administration would be canceling $1.2 billion in student loan debt for 153,000 borrowers.

Those eligible for the cancellation have to be enrolled in the administration's Saving on a Valuable Education repayment plan, which was launched last summer, according to NBC News. 

Those who will have their debt canceled will receive an email from Biden that states, "I hope this relief gives you a little more breathing room."  

Education Secretary Miguel Cardona said Tuesday that once this goes through, the Biden administration will have canceled nearly $138 billion for almost 4 million borrowers. 

"These are historic efforts that reflect the president’s commitment, again, to deliver as much relief as possible to as many borrowers as possible as quickly as possible," Cardona said. "Bottom line is this: We’re providing real, immediate breathing room on an unacceptable reality where student loan payments compete with basic needs, like putting food on the table and accessing health care."

Last month, the administration approved $5 billion in debt cancellation for about 74,000  borrowers.