Seven Republican-led states have filed a lawsuit against the U.S. Department of Education, challenging President Biden's latest student loan forgiveness plan. The states argue the plan is illegal, following previous court-blocked efforts. They claim the administration aims to cancel loans without congressional approval and allege that loan servicers were instructed to begin canceling eligible loans prematurely. The plan, estimated to cost $147 billion, targets 25 million borrowers.
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00:00It's Benzinga, and here's what's on the block.
00:03Seven Republican-led states have filed a lawsuit against the U.S. Department of Education challenging
00:07President Biden's latest student loan forgiveness plan.
00:11The states argue the plan is illegal following previous court-blocked efforts.
00:15They claim the administration aims to cancel loans without congressional approval and allege
00:19that loan servicers were instructed to begin canceling eligible loans prematurely.
00:24The plan, estimated to cost $147 billion, targets 25 million borrowers.
00:29For all things money, visit Benzinga.com.