With the latest student loan forgiveness, the Biden administration said it has waived $168.5 billion in debt for roughly 4.8 million Americans, according to a statement from the Department of Education. That represents about 1 in 10 student loan borrowers, it added.

The people who qualify for forgiveness in the latest round of debt cancellation are part of the Public Service Loan Forgiveness (PSLF) program, which is designed to help public servants such as teachers, nurses and law enforcement officers get their debt canceled after 10 years of repayments. While PSLF has been around since 2007, until recently very few borrowers were able to get debt relief due to its notoriously complex regulations and often misleading guidance from loan companies.

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