Thu. Jul 25th, 2024

A pair of federal judges have hit the brakes on President Biden’s latest student loan repayment plan, signaling that the program is at risk of being overturned and leaving millions of borrowers in a state of panic.

Biden launched the Saving on a Valuable Education program, commonly known as Save, last fall as millions of Americans resumed student loan payments after a pandemic-triggered hiatus of more than three years. The new plan offered lower monthly payments and a faster path to loan cancellation. More than 8 million people are enrolled, with debts already erased for more than 400,000 borrowers.

But two rulings Monday, in lawsuits brought by Republican-led states, will block the Biden administration from moving forward with key features of the repayment plan. The administration has vowed to fight for the program, but officials must pause parts of it until the litigation concludes.

That has left some borrowers scrambling for details. Here’s what we know.

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#Bidens #Save #plan #happening #student #loan #repayment

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