In a surprising move during the administration’s final weeks, the Biden-Harris team has reportedly withdrawn two significant student loan cancellation proposals. These plans, which had faced scrutiny, aimed to alleviate student debt burdens for millions but shifted the financial responsibility to taxpayers.
As reported by Resist Times, the plans would have granted the Department of Education secretary the authority to cancel loans for various groups across the country. Together, these initiatives could have wiped out the debts of millions, offering widespread financial relief.
In a notice posted to the Federal Register, the Department of Education stated, “The U.S. Department of Education is withdrawing a notice of proposed rulemaking that, under the Secretary’s authority to waive repayment of a loan provided by the Higher Education Act of 1965.”
The notice also clarified that the administration would not move forward with proposed measures to cancel loans, which included:
Amending regulations related to the waiver of specific student loan debts. Providing targeted debt relief to reduce the burden of student loan debt. Modifying existing debt collection regulations to offer more precise guidelines on when the Secretary could waive all or part of debts owed to the Department.
The plans, as