Biden approves $4.5 bn in student debt relief as vote nears

US President Joe Biden announced on Thursday further student debt relief for public servants -- amounting to around $4.5 billion with just over two weeks to go until the presidential election. The action affects about 60,000 borrowers across the country, said the White House, touting Biden and Vice President Kamala Harris's efforts to improve loan forgiveness since taking office.

Biden said in a statement that with the latest move, more than one million people have had their debt cancelled under Public Service Loan Forgiveness. The promise of the program -- supporting teachers, nurses and others involved student debt forgiveness after 10 years of public service and 10 years of payments.