Court blocks Biden-Harris administration’s SAVE Plan

In a significant setback for student loan borrowers, the 8th Circuit Court of Appeals has ruled against President Biden’s Saving on a Valuable Education (SAVE) Plan. U.S. Secretary of Education Miguel Cardona released a statement expressing deep concern over the decision and its potential consequences.“Today’s ruling from the 8th Circuit blocking President Biden’s SAVE Plan could have devastating consequences for millions of student loan borrowers crushed by unaffordable monthly payments if it remains in effect,” Cardona stated. “It’s shameful that politically motivated lawsuits waged by Republican elected officials are once again standing in the way of lower payments for millions of borrowers.”The SAVE Plan was designed to alleviate the financial burden on student loan borrowers by offering more manageable payment options. The ruling threatens to undo the progress made in providing relief to those struggling with high monthly payments.“Borrowers enrolled in the SAVE Plan will be placed in an interest-free forbearance while our Administration continues to vigorously defend the SAVE Plan in court,” Cardona continued. “The Department will be providing regular updates to borrowers affected by these rulings in the coming days.”The Biden-Harris Administration has been proactive in addressing the challenges within the student loan system. Historically, about a million...