The Biden administration has announced the forgiveness of $1.2 billion in student loans, relieving more than 150,000 borrowers.

What Happened: The forgiveness is part of a program introduced by President Joe Biden‘s administration in January, aimed at easing the burden on Americans who have been repaying for at least ten years. This initiative, called the Saving on a Valuable Education (SAVE) plan, will clear the debts of those who borrowed less than $12,000 for their higher education, reported Bloomberg on Wednesday.