On Monday, two federal court judges issued nationwide injunctions stopping the Biden administration from illegally canceling hundreds of billions of dollars in student debt. This scheme, the Saving on a Valuable Education, or SAVE, plan, is the latest lawless loan redistribution attempt to fail in court.
Background
Biden finalized SAVE via an administrative regulation less than two weeks after the Supreme Court struck down his initial attempt at mass student loan cancellation through the HEROES Act. There, Biden had unlawfully attempted to cancel up to $10,000 each for borrowers earning less than $125,000 annually, or up to $20,000 if they had ever received a Pell Grant, a federal need-based aid grant, while in college.
SAVE re-imagined the Department of Education’s income-based repayment plans. Under these plans, borrowers would see their monthly loan payment cut in…
