Breaking News: President Biden Abandons Ambitious Plans for Student Debt Forgiveness
In a significant turnaround, President Biden has officially abandoned his administration's plans for mass student debt forgiveness, which aimed to cancel a substantial portion of outstanding student loans¹. This move marks a departure from his previous efforts to provide broad relief to borrowers struggling with debt.
This decision comes after the Supreme Court struck down the administration's initial plan, known as the HEROES plan, which would have allowed for the forgiveness of up to $10,000 in debt for borrowers earning less than $125,000¹. Despite this setback, the administration continued to seek alternative avenues for debt forgiveness.
However, recent events indicate that the Biden administration has decided to completely abandon its plans for mass debt forgiveness. This decision may disappoint many borrowers who were counting on assistance.
