Biden Administration Withdraws Two Student Loan Plans

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.

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