WASHINGTON (NEWSnet/AP) — President Joe Biden announced another wave of federal student loan forgiveness on Wednesday as borrowers brace for payments to restart after a three-year pause that began during the COVID-19 pandemic.

The Biden administration's latest step will help 125,000 borrowers by erasing $9 billion in debt through existing relief programs. In total, 3.6 million borrowers will have had $127 billion in debt wiped out since Biden took office.

Biden is scheduled to make a formal announcement at the White House at 1 p.m. ET.

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