EXCLUSIVE — A change in federal regulations for student loan forgiveness under the Obama and Biden administrations resulted in billions of dollars being wiped clean from borrowers’ records, according to a review by the Government Accountability Office.
The Department of Education has forgiven a cumulative total of $17.2 billion in federal student loans as of April 30, 2024, according to the report. A majority of those loans were discharged during the Obama and Biden administrations due to a change in federal regulations stemming from an uptick in applications beginning in 2015.
“When all you’ve got is a hammer, everything looks like a nail,” Rep. Virginia Foxx (R-NC), chairwoman of the House Committee on Education and the Workforce, told the Washington Examiner. For years, Democrat administrations have used illegal interpretations of the borrower defense law and…
