After President Joe Biden filed an emergency appeal earlier this month, asking the Supreme Court to reinstate his sweeping Saving on a Valuable Education student loan forgiveness program, the high court declined to revive the SAVE plan on Wednesday, leaving 8 million borrowers in limbo.

The justices rejected the Biden administration's request to temporarily lift a lower-court ruling that temporarily blocked the student loan program from moving forward. However, it is not a final ruling on the SAVE program and the legality of the plan could ultimately return to the high court, after making their way through lower courts.

The Supreme Court expects that the Court of Appeals will render its decision "with appropriate dispatch," read one of the Court's orders declining to take up the pending cases.