The Biden administration on Tuesday filed paperwork for a new regulation that would cancel or reduce student loan debt for more than 25 million additional borrowers.

"Today's announcement shows that the Biden-Harris administration is continuing to fulfill our promises to fix a broken higher education system," U.S. Secretary of Education Miguel Cardona said. "Student loan forgiveness isn't only about relief for today's borrowers. It's about social mobility, economic prosperity and creating an America that lives up to its highest ideals."

The latest proposal, which is more targeted than the one the U.S. Supreme Court struck down last year, was posted in the Federal Register for a 30-day comment period. If implemented as proposed, it would bring the total number of borrowers getting relief to more than 30 million. To date, the administration has approved debt cancellation for nearly 4.3 million borrowers, totaling $153 billion in debt forgiveness through various actions.