Federal appeals court blocks Biden's new student loan relief plan

2024-07-18 20:34:00+00:00 - Scroll down for original article

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President Joe Biden delivers remarks on new Administration efforts to cancel student debt and support borrowers at the White House on October 04, 2023 in Washington, DC. Kevin Dietsch | Getty Images SAVE plan mired in legal troubles The Biden administration rolled out the SAVE plan in the summer of 2023, describing it as "the most affordable student loan plan ever." Indeed, the terms of the new income-driven repayment plan are the most generous to date, making it controversial among critics of debt forgiveness. So far, around 8 million borrowers have signed up for SAVE, according to the White House. SAVE comes with two key provisions that legal challenges have targeted: It has lower monthly payments than any other IDR plan, and it leads to quicker debt erasure for those with small balances.