• The Biden administration announced on Friday that it would forgive another $4.28 billion in student loan debt for 54,900 borrowers who work in public service.
• The relief is a result of fixes the U.S. Department of Education made to the once-troubled Public Service Loan Forgiveness Program.

The Biden administration announced on Friday that it would forgive another $4.28 billion in student loan debt for 54,900 borrowers who work in public service.

The relief is a result of fixes the U.S. Department of Education made to the once-troubled Public Service Loan Forgiveness Program.

The debt relief comes in President Joe Biden's final weeks in office.

Biden has forgiven more student debt than any other president. He has cleared nearly $180 billion for 4.9 million people with student debt.

Still, Republican-led legal challenges have stymied all of Biden's attempts at delivering wide-scale relief.

This is breaking news. Please refresh for updates.

Also on CNBC

• Senate expected to vote on bill to change Social Security rules. What leaders have said

Subscribe to the CNBC YouTube Channel

Morning Squawk Newsletter