The Department of Education has ceased applications for the Saving for a Valuable Education (SAVE) income-driven repayment plan following a 8th Circuit Court ruling that upheld a temporary injunction against the program. This impact affects 8 million borrowers, leaving them in uncertainty as the SAVE plan was designed to adjust payments based on income and offer forgiveness after a decade. With a portion of borrowers in general forbearance, no payments were currently required, but the future of their loans remains unclear as the federal agency evaluates the implications of the court's decision.
The Department of Education's recent decision to halt applications for the Saving for a Valuable Education (SAVE) plan leaves millions of borrowers in uncertainty.
This ruling follows a temporary block upheld by the 8th Circuit Court of Appeals, siding with Republican-led states that aimed to challenge the IDR initiatives.
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