Biden administration cancels another $1.2B in student debt

How it works: The Education Department said that the relief was made possible via its work to overhaul the Public Service Loan Forgiveness (PSLF) program.

• PSLF allows public employees, such as teachers, firefighters, members of law enforcement, and people who work for nonprofit organizations, to apply for forgiveness after making 10 years' worth of payments on their federal student loan balance.

By the numbers: To date, the Biden administration has forgiven $69.2 billion in outstanding loan balances belonging to 946,000 borrowers through PSLF.

• Before President Biden was elected, the Education Department said only about 7,000 public servants had received debt relief through PSLF since the program's inception in 2007.

What they're saying: Thursday's announcement "marks another win for this administration's relentless and unapologetic work to fix a broken student loan system," Secretary of Education Miguel Cardona said in a statement.

• "The additional Americans approved for PSLF today are hardworking public servants who will finally receive the financial breathing room they were promised," Cardona said.

Go deeper: Biden's new student loan relief plan would slash debt for millions