President Joe Biden announced last night that they have canceled $1.2 billion in student loan debt for nearly 153,000 people who qualify under his promise to expand loan forgiveness.

Biden had promised to find other avenues for debt relief after his broader plan to cancel $430 billion in student loan debt was blocked by the US Supreme Court in June last year.

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Left-leaning progressive and young voters, whose support Biden needs to win re-election in November, want large-scale student loan forgiveness. Republicans are opposed.

"While a college degree is a ticket to a better life, that ticket is too expensive," Biden said during a campaign fundraising trip to California.

According to the White House, the US administration has so far canceled $138 billion in student debt for about 3.9 million people.

The recently announced program will apply to people enrolled in a repayment program known as Saving on a Valuable Education (SAVE) and will cover those who borrowed $12,000 or less and have been repaying that debt for at least 10 years.