WASHINGTON— The Supreme Court declined on Wednesday to lift a sweeping block on President Biden’s student loan repayment plan, which aims to slash monthly payments and accelerate the path to loan forgiveness.
The high court turned down a request from the Biden administration to reinstate the plan after lower courts blocked it this summer in a legal challenge brought by GOP-led states.
Wednesday’s order has no immediate impact on the 8 million borrowers currently enrolled in the plan, known as SAVE (Saving on a Valuable Education), which was implemented nearly a year ago. However, the fate of the plan — which would cost an estimated $276 billion — remains uncertain as courts consider ongoing legal challenges.
