The Supreme Court has declined a request by the Biden administration to lift a stay on the implementation of its SAVE student loan repayment plan. The Education Department set up the new the Income-Driven Repayment (IDR) plan after President Joe Biden’s sweeping plan to forgive student debt was struck down by the high court last year.
The new debt relief plan would slash monthly payments and reduce the amount of time borrowers must make repayments before they are eligible for debt forgiveness. The Department of Education put borrowers who have already signed up for the plan in an interest-free forbearance in response to its implementation being blocked by the courts.
The Supreme Court did not provide any explanation for its decision and…
