President Joe Biden announced Wednesday that he approved $9 billion in student loan forgiveness for 125,000 Americans.

The relief is a result of his administration’s fixes to a number of programs, including the income-driven repayment plans and Public Service Loan Forgiveness.

More than $5 billion of the aid will go to 53,000 borrowers who’ve worked in public service for a decade or more; $2.8 billion of the forgiveness is for 51,000 borrowers enrolled in income-driven repayment plans; and another $1.2 billion of the cancellation will go to 22,000 borrowers with disabilities.

The announcement is likely to help Biden as he runs for reelection, experts say.... Read More: CNBC