24 sources·Politics

Biden Administration Scraps Broad Student Loan Forgiveness Plans Amid Political Transition

President Biden has rescinded major student debt forgiveness proposals, focusing instead on existing relief efforts for borrowers before President-elect Trump takes office.

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Updated: Dec 20th, 2024, 7:29 PM ET

Summary

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In a significant policy shift, the Biden administration has withdrawn two proposed student loan forgiveness rules potentially impacting 38 million borrowers. The Education Department emphasizes reallocating resources toward assisting at-risk borrowers as the transition to President-elect Donald Trump approaches. Despite this setback for broader relief, Biden recently announced $4.28 billion in forgiveness for 54,900 public service workers, bringing total forgiveness under his administration to approximately $180 billion for nearly 5 million borrowers. Critics and advocates reflect on the implications of this decision amid ongoing challenges surrounding student debt.

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