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CNBC: Biden Administration Withdraws Student Loan Forgiveness Plans

AP Photo/Mark Schiefelbein

Seeing as President Joe Biden's vote-buying scheme didn't deliver him an electoral victory, it's not surprising to hear from CNBC that the administration has withdrawn its student loan forgiveness plans. That's great news because it was appalling to hear Biden brag about canceling student loans even after the Supreme Court ruled it unconstitutional … "but I did it anyway."

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CNBC reports:

The Biden administration has withdrawn two major plans to deliver student loan forgiveness.

The proposed regulations would have allowed the secretary of the U.S. Department of Education to cancel student loans for several groups of borrowers, including those who had been in repayment for decades and others experiencing financial hardship.

The Education Department posted notices in the Federal Register on Friday that it was withdrawing the plans, weeks before President-elect Donald Trump enters the White House.

The department wrote that it was terminating the rulemaking proceeding due to “operational challenges in implementing the proposals.” It said it would “commit its limited operational resources” in these final weeks of the administration “to helping at-risk borrowers return to repayment successfully.”

Good.

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The majority of Americans didn't. 

The plan was always a slap in the face to those who had already paid off their student debt or those who never went to college and took out loans. It just shifted the debt to them.

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