Official Congressional records or announcement

Eighth Circuit Blocks Biden's Half-a-Trillion Dollar SAVE Student Loan Forgiveness Program

Aug 9, 2024, 09:10 PM

The Eighth Circuit Court has blocked the Biden administration from implementing the SAVE student loan forgiveness program. This decision extends a previous administrative stay on the program, which aims to lower monthly payments for millions of borrowers and expedite loan forgiveness. The court's ruling is seen as a significant legal obstacle for the administration's efforts to alleviate student debt, which some critics argue bypasses congressional approval. The program, described as a half-a-trillion dollar initiative, has been controversial, with opponents claiming it unfairly distributes taxpayer money.