Joe Biden withdrew plans to cancel student loan debt for 38 million Americans and blamed “operational challenges.”
“In making this decision, we considered the Department’s ability to implement the proposed rules if they were finalized in a form identical or largely similar to what was included in the NPRM. With the time remaining in this administration, the Department is focused on several priorities including court ordered settlements and helping borrowers manage the final elements of the return to repayment following the Fall 2024 end of the 12-month on-ramp period designed to assist borrowers who were unable to make their payments or who needed more time to access information to determine the right repayment plan for their circumstances,” the Department of Education said on Friday.
In a separate announcement on Friday, Joe Biden approved of an additional $4.28 billion in student loan forgiveness for nearly 55,000 public service workers.
President Trump will immediately unwind Joe Biden’s unconstitutional student loan forgiveness program, Politico reported.
Last month a federal judge gave Joe Biden a win a few weeks before the election and said he can move forward with his student loan forgiveness plan.
US District Judge in Georgia, Randall Hall, a George W. Bush appointee allowed a restraining order against the Biden-Harris Regime’s student loan forgiveness scheme to expire.
However, the Trump Transition team is working to immediately rescind Biden’s student loan forgiveness plan.
“President-elect Donald Trump is poised to pull the plug on President Joe Biden’s yearslong push to cancel student debt for tens of millions of people as Republicans sweep into power in the coming months,” Politico reported.
“Trump transition advisers and outside allies have been discussing ways to quickly unwind the various Biden-era initiatives that offered new or easier paths to loan forgiveness for borrowers, according to two people familiar with the discussions,” Politico reported.
The US Supreme Court last year crushed Joe Biden’s student loan bailout program.
Joe Biden unilaterally announced a massive forgiveness of student loans last August to buy the Gen Z-Millennial vote in the 2022 midterms.
Biden canceled over $400 billion in student loans, which resulted in up to $10,000 in student debt for borrowers who earn $125,000 a year or less and up to $20,000 for recipients of Pell Grants.
The Supreme Court ruled 6-3 against Joe Biden’s student loan relief program so the Department of Education rolled out a workaround plan to cancel $39 billion in student loans by counting non-payments as payments for a period of time.
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