The Biden administration has withdrawn two major plans to deliver student loan forgiveness. The proposed regulations would have allowed the secretary of the U.S. Department of Education to cancel student loans for several groups of borrowers, including those who had been in repayment for decades and others experiencing financial hardship.

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.

With just under a month left in his administration, President Joe Biden managed to fulfill one of his campaign promises, forgiving the student debts of nearly 55,000 borrowers. Do