WASHINGTON (AP) — The Supreme Court on Wednesday kept on hold the latest multibillion-dollar plan from the Biden administration that would have lowered payments for millions of borrowers, while lawsuits make their way through lower courts.
The justices rejected an administration request to put most of it back into effect. It was blocked by 8th U.S. Circuit Court of Appeals.
WATCH: Federal judges block Biden’s latest attempt to reduce student debt
In an unsigned order, the court said it expects the appeals court to issue a fuller decision on the plan “with appropriate dispatch.”
The Education Department is seeking to provide a faster path to loan cancellation, and reduce monthly income-based repayments from 10 percent to 5 percent of a borrower’s discretionary income. The plan also wouldn’t require borrowers to make payments if they earn less than 225 percent of the federal poverty line — $32,800…
