JUST IN: Biden walks back major component of student loan forgiveness
The Biden administration will no longer offer loan forgiveness to borrowers with privately held federal student loans as a part of its new student debt relief program, the Education Department said in updated guidance on Thursday, a move that comes as the administration faces legal challenges from some GOP-led states....
The reversal comes despite the administration previously saying those borrowers would be eligible to receive up to $10,000 in forgiveness—or $20,000 for Pell grant recipients—under the administration’s program. The Department of Education previously stated Americans who borrowed through the Federal Family Education Loan program—which ended in 2010 and offered loans that were federally guaranteed but managed by private banks—would be eligible for Biden’s debt cancellation, before updating the guidance Thursday to say that borrowers with federal student loans not held by the Education Department “cannot obtain one-time debt relief.
The administration is continuing to “explore additional legally-available options to provide relief to borrowers with privately owned FFEL loans,” a department spokesperson told NPR and Politico.
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