Days after announcing $4.28 billion in student loan relief, President Joe Biden abruptly withdrew two of the plans affecting thousands of recipients. With a few weeks left […]

The Education Department effectively halts the regulations before the inauguration of Trump, who has voiced opposition to both

KEY TAKEAWAYS President Joe Biden's administration has scrapped a proposal to provide student debt relief to borrowers who experienced financial hardships.The Department of Education insisted the withdrawal was due to timing and the administration had the authority to administer this relief.

The Biden administration has withdrawn two major plans to deliver student loan forgiveness. 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.

Some Democratic lawmakers are pressuring the Biden administration to take further action on student loans before President-elect Donald Trump takes office, including finalizing some debt forgiveness it already approved.

With just under a month left in his administration, President Joe Biden managed to fulfill one of his campaign promises, forgiving the student debts of nearly 55,000 borrowers. Do

Almost 55,000 Americans working in the public service will have their collective $4.28 billion worth of student debt forgiven, U.S. President Joe Biden announced Friday.

Older borrowers are among the fastest-growing segments of the government’s student loan portfolio and their Social Security benefits are subject to garnishment.