The Biden administration announced it will forgive $4.9 billion in student loan debt for 73,600 borrowers. This relief is a result of fixes made to income-driven repayment plans and the Public Service Loan Forgiveness program by the U.S. Department of Education. Around $1.7 billion will go towards forgiving debt for 29,700 borrowers enrolled in income-driven repayment plans, which are meant to lead to forgiveness after a certain period of payments. Another 43,900 participants in the Public Service Loan Forgiveness program will be granted $3.2 billion in loan cancellation.