Breaking News: President Biden Shelves Ambitious Student Debt Forgiveness Plans
In a significant reversal, President Biden has officially abandoned his administration's mass student debt forgiveness plans, which aimed to cancel a substantial portion of outstanding student loans ¹. This move marks a departure from his earlier efforts to provide widespread relief to borrowers struggling with debt.
The decision comes after the Supreme Court overturned the administration's initial plan, known as the HEROES plan, which would have forgiven up to $10,000 in debt for borrowers earning less than $125,000 ¹. Despite this setback, the administration had continued to explore alternative paths to debt forgiveness.
However, the latest development indicates that the Biden administration has decided to abandon its mass debt forgiveness plans altogether. This decision may come as a disappointment to many borrowers who were counting on relief.
