In a significant shift, President Joe Biden has decided to halt efforts aimed at canceling student loans for over 38 million Americans. This move is part of a broader strategy to withdraw pending regulations before President-elect Donald Trump assumes office, allowing the current administration to prevent any reconfiguration of these rules toward Trump's objectives.
The White House is acting swiftly to retract these unfinished regulations across various agencies due to the limited time frame before the transition of power. Despite this setback in regulation withdrawals, the Biden administration made progress on Friday by announcing the clearance of loans for 55,000 borrowers eligible through the Public Service Loan Forgiveness program, a scheme expanded under Biden's tenure.
Transitioning away from Biden's regulatory plans opens the door for Trump to implement his own policies; however, he would be starting from ground zero. Melissa Byrne, an advocate for student debt cancellation, expressed her disappointment with this development but acknowledged it as a necessary step given the circumstances, attributing blame to Republican resistance.
The Education Department has emphasized its capability to cancel student debt but opts to prioritize other matters in the administration’s dwindling weeks. A focal point will be aiding borrowers as they resume payments post-pandemic—a time when payments were on pause. This decision comes as Washington is on edge about a possible government shutdown that could further delay Biden's efforts.
Among other regulatory casualties might be protections for transgender athletes in schools, which Trump could redirect towards banning their participation in girls' sports—a pledge from his campaign trail. An unnamed administration official stated support for their initial regulatory goals despite these setbacks and highlighted the extensive process involved in enacting new regulations.
This pivot reflects a larger trend of relying on executive orders and federal regulations amidst congressional gridlock. However, such methods prove fragile against administrative changes, threatening policy continuity. The impending withdrawal includes crucial education policies and extends to numerous pending regulations affecting schools and businesses nationwide.
Biden's attempt at broad student loan forgiveness faced obstacles right from the start, with legal challenges derailing plans designed to offer relief based on various eligibility criteria—including long-term borrowers and those burdened by interest accruals. Although comprehensive loan forgiveness remains unachieved, Biden's administration has managed an unprecedented $180 billion in federal student loan forgiveness through existing programs. On Friday, it was announced that 55,000 public service workers had their debts erased under the Public Service Loan Forgiveness program—marking a significant stride towards easing student debt burdens before Biden’s term concludes in January.
The White House is acting swiftly to retract these unfinished regulations across various agencies due to the limited time frame before the transition of power. Despite this setback in regulation withdrawals, the Biden administration made progress on Friday by announcing the clearance of loans for 55,000 borrowers eligible through the Public Service Loan Forgiveness program, a scheme expanded under Biden's tenure.
Transitioning away from Biden's regulatory plans opens the door for Trump to implement his own policies; however, he would be starting from ground zero. Melissa Byrne, an advocate for student debt cancellation, expressed her disappointment with this development but acknowledged it as a necessary step given the circumstances, attributing blame to Republican resistance.
The Education Department has emphasized its capability to cancel student debt but opts to prioritize other matters in the administration’s dwindling weeks. A focal point will be aiding borrowers as they resume payments post-pandemic—a time when payments were on pause. This decision comes as Washington is on edge about a possible government shutdown that could further delay Biden's efforts.
Among other regulatory casualties might be protections for transgender athletes in schools, which Trump could redirect towards banning their participation in girls' sports—a pledge from his campaign trail. An unnamed administration official stated support for their initial regulatory goals despite these setbacks and highlighted the extensive process involved in enacting new regulations.
This pivot reflects a larger trend of relying on executive orders and federal regulations amidst congressional gridlock. However, such methods prove fragile against administrative changes, threatening policy continuity. The impending withdrawal includes crucial education policies and extends to numerous pending regulations affecting schools and businesses nationwide.
Biden's attempt at broad student loan forgiveness faced obstacles right from the start, with legal challenges derailing plans designed to offer relief based on various eligibility criteria—including long-term borrowers and those burdened by interest accruals. Although comprehensive loan forgiveness remains unachieved, Biden's administration has managed an unprecedented $180 billion in federal student loan forgiveness through existing programs. On Friday, it was announced that 55,000 public service workers had their debts erased under the Public Service Loan Forgiveness program—marking a significant stride towards easing student debt burdens before Biden’s term concludes in January.
