The Biden administration announced the cancellation of $7.7 billion in student debt for 160,500 borrowers, focusing on public servants and participants in the new SAVE repayment program. This effort is part of a broader initiative to provide relief after the Supreme Court blocked a previous loan forgiveness plan, bringing the total forgiven to $167 billion for 4.75 million people. This move aims to alleviate financial burdens amid rising concerns about the cost of college, with fewer Americans believing that a college education is worth the debt incurred.