The Biden administration withdrew on Friday two major student loan forgiveness plans.
The regulations would have allowed the Secretary of Education to cancel student loans for people who have been in repayment for decades and others that were experiencing financial hardship.
The Education Department posted notices in the Federal Register that it was withdrawing the plans, writing that it was terminating the rulemaking proceeding due to "operational challenges in implementing the proposals." It will "commit its limited operational resources" in the final weeks of the Biden administration "to helping at-risk borrowers return to repayment successfully," the department wrote further.
These plans had become known as a backup plan after the Supreme Court struck down his original plan for student loan forgiveness in June 2023.
The federal government still offers a range of student loan forgiveness programs, including Public Service Loan Forgiveness and Teacher Loan Forgiveness. The administration announced Friday that it would forgive $4.28 billion in student loan debt for 54,900 public service employees who work through PSLF.
Jeremy Frankel ✉
Jeremy Frankel is a Newsmax writer reporting on news and politics.
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