Biden administration’s student loan plan tied up in court battle

The Eighth Circuit Court of Appeals has blocked the Saving on a Valuable Education repayment plan — designed to reduce or eliminate the student loan debt for millions of borrowers — with a preliminary injunction. The injunction will inhibit the U.S. Department of Education from offering student loan forgiveness

In response, the Biden administration asked the Supreme Court to lift the block, according to a news story published in Fox Business. The repayment plan would allow borrowers with an original balance of $12,000 or lower to receive debt forgiveness for their remaining balance if they have made payments for 10 years or more.

While the litigation is ongoing, borrowers will not be expected to make payments on their student loans or accrue interest.

Read more: Fox Business

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