The Supreme Court has decided to keep the Biden administration's plan to reduce student loan payments on hold while lawsuits are resolved, thwarting immediate implementation.
The Biden administration's latest initiative aims to lower monthly income-based repayments from 10% to 5% for borrowers and offer loan cancellation pathways for millions.
While the administration estimates the cost of the SAVE plan at $276 billion, Republican-led states challenge this, claiming it could reach as high as $475 billion over a decade.
The Supreme Court’s conservative majority previously rejected a plan that would have forgiven over $400 billion in student debt, showing a consistent opposition to broad debt relief mechanisms.
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