Biden's new student loan relief plan is on pause. Here's what borrowers need to know

Just days before millions of student loan borrowers expected to see their monthly bill drop by a half or more, two federal judges halted the Biden administration's relief plan.Chip Somodevilla | Getty Images News | Getty Images

U.S. President Joe Biden is joined by Education Secretary Miguel Cardona as he announces new actions to protect borrowers after the Supreme Court struck down his student loan forgiveness plan in the Roosevelt Room at the White House on June 30, 2023 in Washington, DC."I could breathe," the 35-year-old Tampa resident said.

But then he saw headlines on Monday that major parts of the Saving on a Valuable Education, or SAVE, plan were on pause. Two federal judges in Kansas and Missouri temporarily halted the Biden administration's new repayment plan until they rule on the cases.the preliminary injunctions, but for now, millions of student loan borrowers are disappointed and angry that they won't see the relief they expected in just a matter of days.

"The court's ruling is not retroactive," Kantrowitz added."So, borrowers do not have to worry about the courts clawing back the forgiveness they have already received."

Source: Education Headlines (educationheadlines.net)

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