President Joe Biden announced on Wednesday that he'd approve $9 billion in student loan forgiveness for 125,000 Americans. More than $5 billion of the aid will go to 53,000 borrowers who've worked in public service for a decade or more; $2.8 billion of the forgiveness is for 51,000 borrowers enrolled in income-driven repayment plans; and another $1.2 billion of the cancellation will go to 22,000 borrowers with disabilities. This $9 billion forgiveness announcement comes after the Supreme Court struck down Biden's plan to cancel up to $20,000 in debt broadly. Biden is now pursuing more targeted cancellations through other existing programs.