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.

The Education Department said it "intends to commit its limited operational resources to helping at-risk borrowers return to repayment successfully."

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