President Biden announced another $1.2 billion in student loan debt cancellation for over 150,000 borrowers. The move will benefit those who took out $12,000 or less in loans and have been making repayments for at least 10 years. The Biden administration has canceled $138 billion in student loans for some 3.9 million people. Last year, the Supreme Court threw out Biden’s plan to erase over $400 billion in federal student debt.