President Biden announced student loan approval for more than 150,000 people on Monday, with the White House citing a total of more than 5 million beneficiaries over the course of the president’s term.

With just a week left in office, Biden said his administration has taken “historic actions to reduce student debt burdens, hold bad actors accountable and fight on behalf of students across the country.”

“These 150,000 borrowers include: nearly 85,000 borrowers who attended schools that defrauded and defrauded their students, 61,000 borrowers with total and permanent disabilities, and 6,100 public sector employees,” Biden said in a statement.

Biden boasted that his administration also secured a record increase in the maximum amount for Pell Grants over the past decade.

The Biden administration is reversing course and reopening income-based student loan repayment programs

President Biden has made reducing student debt a priority during his time in office. (Ron Sachs/Getty Images)

“I pledged to ensure that higher education is a ticket to the middle class, not a barrier to opportunity, and I am proud to say we have canceled more student loan debt than any other administration in history,” Biden said in the Explanation.

The Education Department noted that the latest move brings the total amount of government handouts to $183.6 billion.

Last month, two student loan repayment plans were reopened for enrollment by the Department of Education (DOE) following a federal court injunction Biden administration Saving on a Valuable Education (SAVE) program.

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President Biden speaks during an event in Madison, Wisconsin, April 8, 2024. (Daniel Steinle/Bloomberg via Getty Images / Getty Images)

New enrollment in the Pay As You Earn (PAYE) and Income Contingent Repaid (ICR) programs was halted last summer to phase them out and encourage borrowers to enroll in the Biden-Harris administration’s SAVE plan to sign up, but now people can sign up again.

The two reintroduced plans offer loans for public loan forgiveness and income-based repayment. The monthly payments are based on the borrower’s income and family size and allow borrowers to earn forgiveness after “extended payment periods,” the Energy Department said.

Melissa Byrne (center) joins student loan borrowers in calling on President Biden to use “Plan B” to cancel student debt immediately at a rally outside the United States Supreme Court on June 30, 2023 in Washington, DC (Paul Morigi/We The 45 Million/Getty Images)

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New PAYE and ICR enrollments will be available until July 1, 2027, the DOE said.