Biden forgives $4.28 billion in student debt for 54,900 borrowers

• The Biden administration announced Friday that it would forgive another $4.28 billion in student loan debt for 54,900 borrowers who work in public service.
• The relief is the result of corrections the U.S. Department of Education made to the once-troubled Public Service Loan Forgiveness Program.

The Biden administration announced on Friday that it would forgive another $4.28 billion in student loan debt for 54,900 borrowers who work in the public service.

The relief is a result of the U.S. Department of Education’s solutions to the once-problematic Public Service Loan Forgiveness Program.

The debt relief comes in the final weeks of President Joe Biden’s term.

Biden has forgiven more student debt than any other president. It has freed up almost $180 billion for 4.9 million people with student debt.

Still, Republican-led legal challenges have stymied all of Biden’s attempts to provide aid on a large scale.

This is breaking news. Update to get updates.

Also on CNBC

• The Senate is expected to vote on a bill to change Social Security rules. What the leaders have said

Subscribe to the CNBC YouTube channel

Morning Squawk Newsletter