ISTANBUL

US President Joe Biden announced Wednesday his administration is canceling $7.7 billion additional student debt for another 160,000 borrowers.

The latest action brings the total loan forgiveness amount approved by the Biden administration to $167 billion for 4.75 million Americans, according to the Education Department.

"Today’s announcement comes on top of the significant progress we’ve made for students and borrowers over the past three years," Biden said in the statement.

"From day one of my Administration, I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity. I will never stop working to cancel student debt – no matter how many times Republican elected officials try to stop us," he added.

"One out of every 10 federal student loan borrowers approved for debt relief means one out of every 10 borrowers now has financial breathing room and a burden lifted," Education Secretary Miguel Cardona said in a separate statement.