WASHINGTON — On Thursday, the Department of Education scaled back President Joe Biden's federal student loan cancellation program to protect against legal challenges by six states, with new guidelines that excluded at least hundreds of thousands of borrowers initially told they qualified for the program.
The move excludes people who took out federal loans that, while they were guaranteed by the government, were technically handled by private banks.
The other thing is he's relying on a lot of what was enacted after 9/11. This was a law that said the president can reduce or erase student loan debt during a national emergency. But he's also the same president who went on national television recently and said the pandemic is over. That's the Republican argument on this.
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