On Wednesday, the Supreme Court rejected the Biden-Harris administration’s request to get rid of an injunction from an appeals court that put a hold on the administration’s SAVE plan, which would exempt student loan borrowers’ income from their repayment obligation.
In mid-July, the 8th Circuit Court of Appeals put a hold on the Biden-Harris administration’s entire student loan forgiveness program after seven Republican-led states requested that parts of the plan not already on hold be stayed. The SAVE program is estimated to cost $475 billion over a ten-year period.
Sen. Bill Cassidy (R-LA), ranking member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, said in response to the appeals court decision, “Just like Biden’s other student loan schemes, this IDR policy does not ‘forgive’ debt. It transfers the burden of $559 billion in debt from those…
