Biden admin cancels $4.3 billion in latest round of student loan relief

The big picture: The Biden administration has now forgiven nearly $180 billion for 4.9 million borrowers.

• Friday's action, through the Public Service Loan Forgiveness Program, will provide relief to borrowers who are teachers, firefighters and members of law enforcement and meet certain qualifications.
• The program allowed for public servants to apply for forgiveness after a decade of payments on their federal loan balance.

What they're saying: "The PSLF Program provides an incentive for Americans to pursue and remain in careers in education, public health, law enforcement, emergency response, and other critical public service fields by forgiving borrowers' remaining student loan balance after they have made the required 120 qualifying monthly payments," Friday's announcement said.

Go deeper:

• Biden's brief win in battle for student loan forgiveness scuttled in court
• Biden administration issues new rules for student debt relief