Another 125,000 Americans will find relief as President Joe Biden announced on Oct. 4 that he would approve a $9 million in student debt cancelation.
The Biden administration has tried to fix several debt programs like income-driven repayment plans and Public Service Loan Forgiveness.
Of the $9 billion, $5 billion will go to 53,000 borrowers who have worked in public service for a decade or more.
$2.8 billion is for the 51,000 enrolled in income-driven repayment plans and $1.2 billion of the cancellation will apply to 22,000 borrowers with disabilities.
According to higher education expert Mark Kantrowitz, Biden's administration has forgiven more student loans than any previous president.
This news is sweeter because, in July, the Supreme Court had struck down Biden's plan to cancel up to $20,000 in student debt for millions of Americans.
Biden's new 12-month "on-ramp" to repayment plan will shield borrowers from negative consequences of missed payments like a delinquency status.
Student loan repayments began on Oct. 1 after more than three years of pause, and many borrowers have begun to take on more work and cut down monthly expenses.