Three GOP-states – South Carolina, Texas and Alaska – have asked the Supreme Court to block President Biden's new Saving on Valuable Education (SAVE) income-driven student loan repayment program, which was set to begin in July.
In the emergency filing, the states are asking the Supreme Court to reverse the recent ruling by the Denver-based appeals court that allowed a key part of the plan designed to lower monthly payments to resume.
Under the SAVE plan, borrowers who originally took out $12,000 or less in loans and have been in repayment for 10 years are eligible to have their remaining student loan debt canceled. More than 8 million borrowers are enrolled in the SAVE plan, and the Education Department was ready to cancel $5.5 billion of debt for 414,000 borrowers.
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