White House announces move to cancel student-loan debt for 74,000 borrowers

WASHINGTON D.C. (KABC) -- The Biden Administration on Friday announced it has approved another $5 billion in debt relief.

The move covers student loans for 74,000 people, many of them public workers such as teachers, nurses and firefighters.

It also applies to people those who have been in a repayment plan for 20 years but never saw their debts forgiven.

More than 3.7 million people have gotten their debt canceled under the Biden Administration.

"From Day One of my Administration, I vowed to improve the student loan system so that a higher education provides Americans with opportunity and prosperity - not unmanageable burdens of student loan debt," Biden said in a statement released online. "I won't back down from using every tool at our disposal to get student loan borrowers the relief they need to reach their dreams."