"The Biden administration told several million people they'd see their debt reduced by $10-20K, and a month later quietly wrote 'just kidding' on a website," said one affected borrower.
"Republicans want to keep you in debt for the rest of your life and take away student debt cancellation."worries over legal challenges from the student lending industry prompted the U.S. Department of Education to reverse course and no longer allow borrowers with Federal Family Education Loan Program and Perkins loans—which are guaranteed by the federal government but held by private lenders—to participate in the debt cancellation plan.
However, student loan debtors expressed deep disappointment over Thursday's move, with one borrower and activist:"The Biden administration told several million people they'd see their debt reduced by $10-20K, and a month later quietly wrote 'just kidding' on a website. Where's the legal threat over that?"