Appeals court blocks Biden’s student debt forgiveness plan

BY ANNIE MAWASHINGTON (AP) — A federal appeals court blocked the implementation of the Biden administration’s student debt relief plan, which would have lowered monthly payments for millions of borrowers.In a ruling Thursday, the 8th Circuit Court of Appeals granted a motion for an administrative stay filed by a group of Republican-led states seeking to invalidate the administration’s entire student loan forgiveness program. The court’s order prohibits the administration from implementing the parts of the SAVE plan that were not already blocked by lower court rulings.The ruling comes the same day that the Biden administration announced another round of student loan forgiveness, this time totaling $1.2 billion in forgiveness for roughly 35,000 borrowers who are eligible for the Public Service Loan Forgiveness program.The PSLF program, which provides relief for teachers, nurses, firefighters and other public servants who make 120 qualifying monthly payments, was originally passed in 2007. But for years, borrowers ran into strict rules and servicer errors that prevented them from having their debt cancelled. The Biden administration adjusted some of the programs rules and retroactively gave many borrowers credits towards their required payments.Borrowers who are enrolled in the SAVE plan, which was the subject of Thursday’s ruling, will...