This would bring the total of what is considered classical vote buying ahead of the November presidential elections to more than $153 billion, or forgiving the debt of 4.3 million people.

The majority of the 277,000 Americans who were forgiven federal student debt were enrolled in the government's income-driven repayment plan, known as SAVE, which promises borrowers to forgive their debts after ten years of loan repayments. 

The White House touted: 

Since President Biden took office, his administration has approved over $54 billion in debt cancellation for 1.3 million borrowers enrolled in income-driven repayment plans, including the new SAVE Plan. This builds on additional actions the Biden-Harris Administration has taken to cancel debt for nearly 900,000 public service workers, 1.3 million borrowers cheated by their schools or borrowers covered by related court settlements, and nearly 550,000 borrowers with a total and permanent disability, including many veterans.

Earlier this week, the Biden administration announced new student loan plans that would begin canceling federal student debt up to $20,000 in interest for millions of borrowers and total loan forgiveness for millions more. Those who qualify for the government's income-driven repayment plan would have the full balance of their unpaid interest forgiven, benefiting at least 25 million Americans. 

"This latest round of debt cancellation comes on the heels of President Biden announcing new plans that, if implemented, would cancel student debt for over 30 million Americans when combined with actions the Administration has taken over the last three years," the White House said.

Meanwhile, a seven-state coalition filed a new lawsuit on Monday challenging the "most generous ever" federal student loan repayment plan.