A federal appeals court issued a temporary halt on Thursday on President Joe Biden’s income-driven repayment program for student loans due to challenges to its legality.
The Saving on a Valuable Education (SAVE) plan, which was introduced in 2023, seeks to provide new repayment methods for student loan borrowers, including lowering monthly payments based on income and minimizing interest payments. The 8th Circuit Court of Appeals halted the plan in its entirety in order to give the court time to issue a final ruling after also issuing a partial injunction in June.
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