Biden administration withdraws student loan forgiveness plans. What borrowers should know
The proposed regulations would have allowed the secretary of the U.S. Department of Education to cancel student loans for several groups of borrowers, including those who had been in repayment for decades and others experiencing financial hardship.
The Education Department posted notices in the Federal Register on Friday that it was withdrawing the plans, weeks before President-elect Donald Trump enters the White House.
The department wrote that it was terminating the rulemaking proceeding due to "operational challenges in implementing the proposals." It said it would "commit its limited operational resources" in these final weeks of the administration "to helping at-risk borrowers return to repayment successfully."
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