The Biden administration walked away from two mass student loan forgiveness plans on Friday, marking an anticlimactic end to the efforts to enact broad student debt relief. Officials withdrew proposed regulations that would have allowed the initiatives to be implemented.

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.

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.

President Joe Biden's administration rolled out an additional $4.28 billion in student loan forgiveness for borrowers under the Public Service Loan Forgiveness (PSLF) plan Friday.

The Biden administration says it is canceling federal student loans for another 55,000 public service workers through an existing forgiveness program.

Alrena Dale, 61, was working multiple jobs to afford her monthly student-loan payments. Then came Biden's new bankruptcy guidance.