Biden administration scales back student debt relief for MILLIONS of Americans in stunning reversal after being faced with first lawsuits and following criticism of the huge cost to taxpayers
https://www.dailymail.co.uk/news/article-11264087/Biden-administration-scales-student-debt-relief-MILLIONS.html
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The Department of Education announced the change on Thursday
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Biden administration announced plans to provide up to $20,000 in relief
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Change affects FFEL loans, held by private banks but backed by the government
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Loan programs switched to direct lending in 2010 under the Obama admin
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The new shift will reportedly affect 770,000 people who have student debt
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Six Republican-led states sued in federal court seeking to stop the loan relief
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One apparent concern is that lenders may sue and claim harm
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There has been a moratorium on federal student loan repayment since March '20