Biden cancels additional $7.4B student debt for 277,000 borrowers

US President Joe Biden canceled another $7.4 billion student debt for 277,000 borrowers, the White House announced Friday in a statement.

The move brings the total debt relief approved by the Biden administration to $153 billion for 4.3 million Americans over the last three years.

"Today's announcement comes on top of the significant progress we've made for students and borrowers over the past three years," Biden said in a separate statement released by the White House.

"That includes: providing the largest increases to the maximum (student aid) Pell Grant in over a decade; fixing Public Service Loan Forgiveness so teachers, nurses, police officers, and other public service workers get the relief they are entitled to under the law, and holding colleges accountable for taking advantage of students and families," he added.

Earlier this week, the Biden administration provided outlines for new plans to deliver student debt relief to an additional 30 million Americans.

"If these plans are finalized as proposed, this fall the Administration would begin canceling up to $20,000 in interest for millions of borrowers and full loan forgiveness for millions more," the White House said Monday.

Previous student aid relief programs from the Biden administration have faced court challenges by the Republican Party, including his most ambitious one, which was struck down by the Supreme Court last June. This latest attempt is likely to face more challenges by congressional Republicans.