BREAKING: Biden admin withdraws major student loan cancellation plans

The Biden-Harris administration has reportedly withdrawn two major student loan cancellation plans in his final weeks in office. This comes as multiple student loan forgiveness plans from the lame-duck president have been under scrutiny.

According to a report from CNBC, the two major plans would have allowed the secretary of the Department of Education to cancel student loans for multiple different groups in the country. Combined, the plans would have cleared the debts of millions and placed the tab on the taxpayer instead.

Biden's DoE posted a notice on the Federal Register which said, "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."

It added that the administration would waive proposed steps to cancel loans that included, “amend regulations regarding waiver of certain student loan debts; provide targeted debt relief as part of efforts to address the burden of student loan debt; and modify the Department's existing debt collection regulations to provide greater specificity regarding certain non-exhaustive situations in which the Secretary may exercise discretion to waive all or part of any debts owed to the Department.”

Forbes reported that the two plans would have brought financial relief to over 30 million who have student debt and would have applied to those who have accrued interest on their payments for years as well as those facing tough times financially.

A higher education analyst, Mark Kantrowitz, told reporters, “The Biden administration knew that the proposals for broad student loan forgiveness would have been thwarted by the Trump administration.”

Trump has been a critic of some of Biden’s widespread actions to eliminate debt from student loans. Some of Biden’s latest action on student loan cancellation was like a “Plan B.” The Supreme Court previously ruled against the president’s first policy proposal to cancel billions in student loans.