The Biden administration is officially withdrawing its sweeping proposals to cancel student debt for tens of millions of Americans, effectively closing the door on mass loan forgiveness in the waning days of Joe Biden’s presidency.

KEY TAKEAWAYS President Joe Biden's administration has scrapped a proposal to provide student debt relief to borrowers who experienced financial hardships.The Department of Education insisted the withdrawal was due to timing and the administration had the authority to administer this relief.

Biden's action means he has canceled almost $180 billion for 4.9 million federal borrowers since the start of his presidency in 2021.