President Biden is making a final push to cancel more student debt before the end of the year. his mandateafter facing years of setbacks in its attempts to wipe out billions of dollars in borrowed money.

THE Ministry of Education announced this month an interim final rule to extend the deadline for student loan borrowers to enroll in long-term pay-over-time programs.

The provision would modify income-driven repayment (ICR) to extend the deadline for borrowers to enroll in ICR or Pay-As-You-Earn (PAYE), a program that forgives all student debt of borrowers after 20 years of on-time payments. . The registration deadline would be extended by three years, from July 2024 to July 2027.

However, the regulations are set to take effect in July 2026, meaning the new Trump administration could intercept any aid initiatives that take effect after his term in office.

FORMER TRUMP EDUCATION SECRETARY PRESENTS ‘UNENDED BUSINESS’ FOR NEW ADMINISTRATOR ON SCHOOL REFORMS

President Biden speaks at an event in Madison, Wisconsin on April 8. Biden’s alternative student debt relief plan could cancel loans for 26 million people.

This announcement comes just weeks after the Biden administration presented a new additional rulewhich, if finalized, would allow student debt forgiveness on a one-time basis for individuals the department considers to have at least an 80% chance of defaulting on their loans, based on an “assessment predictive using existing borrower data.”

Also in October, the administration announced plans to eliminate $4.5 billion in debt for more than 60,000 borrowers working in public service.

BIDEN PUSHES TO FINALIZE MORE STUDENT DEBT RELIEF BEFORE TERM ENDS, INCLUDING FOR “FUTURE BORROWERS”

During his 2020 presidential campaign, Biden pledged to forgive the student loans of millions of Americans if elected, but the president has faced continued legal obstacles in his attempt to eliminate hundreds of billions of dollars in debt.

The United States Supreme Court meets in Washington, DC on April 25. (Mariam Zuhaib)

Biden’s original plan aimed to provide up to $10,000 in debt relief and up to $20,000 for Pell Grant recipients, for people earning less than $125,000 a year, which was estimated at more than $400 billion.

However, in June 2023, the Supreme Court ruled against Biden’s loan forgiveness plans, saying the Secretary of Education could not forgive more than $430 billion in student debt.

The president, however, made another attempt to cancel the debt of about 30 million Americans. Biden’s second proposal aimed to forgive up to $20,000 in interest for Americans who owe more than they borrow, as well as cancel all debt for those who have been paying off undergraduate loans for 20 years or more.

President Biden speaks at an event in Madison, Wisconsin, April 8. (Daniel Steinle/Bloomberg)

President-elect Trump did not specify how he would approach the Biden administration’s student loan forgiveness plans, but said he plans to overhaul the entire education system during his term.

The former Department of Education secretary under Trump recently told Fox that Biden’s attempt to provide student loans needs to be reevaluated by the new administration.

CLICK HERE TO GET THE FOX NEWS APP

“There’s every argument that if taxpayers are funding student loans, there better be ways to oversee them and actually do it effectively and efficiently,” the former Secretary of State said. ‘Education Betsy DeVos. told Fox News Digital in a recent interview. “And that hasn’t happened. It’s a huge mess, and it needs to be rethought and reexamined, and frankly, the private sector, private sector lending needs to come back to this and be an option.”

Alec Schemmel, Chris Pandolfo and Jamie Joseph of Fox News contributed to this report.