President Biden's decision to abandon the effort to cancel student loans reflects an urgent need to pull back regulations before the transition of power to Trump.
The Education Department highlighted its authority to cancel debt but chose to transition focus on assistance for borrowers post-coronavirus instead.
Activist Melissa Byrne underscored the disappointment in the Biden administration's decision and attributed the setback to a GOP unwillingness to support debt cancellation.
Amid regulatory withdrawals, the Education Department continues to assist borrowers, actively clearing loans under the Public Service Loan Forgiveness program.
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