US appeals court blocks implementation of Biden's student debt relief plan

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US appeals court blocks implementation of Biden's student debt relief plan - Business Standard

Quick Summary:

In a ruling Thursday, the 8th Circuit Court of Appeals granted a motion for an administrative stay filed by a group of Republican-led states seeking to invalidate the administration's entire student loan forgiveness programme.

A federal appeals court blocked the implementation of the Biden administration's student debt relief plan, which would have lowered monthly payments for millions of borrowers.

The ruling comes the same day that the Biden administration announced another round of student loan forgiveness, this time totalling $1.2 billion in forgiveness for roughly 35,000 borrowers who are eligible for the Public Service Loan Forgiveness programme.