A federal appeals court in St. Louis temporarily halted the Biden administration's new student loan relief plan, SAVE, on Thursday. The plan aimed to provide the most affordable student loan repayment terms ever, with lower monthly payments and faster debt erasure for some borrowers. Several states sued the administration, arguing it overstepped its authority in creating the plan. Over 8 million borrowers had already signed up for SAVE, and the department had forgiven over $5 billion for over 400,000 people before the legal issues.
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00:00It's Benzinga, and here's what's on the block.
00:02A federal appeals court in St. Louis temporarily halted the Biden administration's new student
00:07loan relief plan, SAVE, on Thursday. The SAVE plan is aimed to provide the most affordable
00:12student loan repayment terms with even lower monthly payments and faster debt assurance
00:17for some borrowers. Several states sued the administration, arguing it overstepped its
00:22authority in creating the plan. Over 8 million borrowers had already signed up for SAVE,
00:27and the department has forgiven over $5 billion for over 400,000 people before the legalization.
00:33For all things money, visit Benzinga.com.