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
- The Department of Education announced the change on Thursday
- Biden administration announced plans to provide up to $20,000 in relief
- Change affects FFEL loans, held by private banks but backed by the government
- Loan programs switched to direct lending in 2010 under the Obama admin
- The new shift will reportedly affect 770,000 people who have student debt
- Six Republican-led states sued in federal court seeking to stop the loan relief
- One apparent concern is that lenders may sue and claim harm
- Have you been impacted by the change? email [email protected]
