Amna Nawaz:
The Trump administration has reached a joint settlement with seven states that will effectively shut down a key Biden era student loan relief program.
John Yang looks at what’s behind the change and what it could mean for borrowers in the months ahead — John.
John Yang:
Amna, it’s called Saving on a Valuable Education, or SAVE. It bases borrowers’ monthly payments on their incomes and provides a faster path to loan cancellation.
The Trump Education Department doesn’t like it. Instead, it’s created several other repayment options. And with this proposed settlement of a lawsuit brought by seven Republican states, they’re ending it.
But what about…