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| Federal court terminates Biden-era student loan plan affecting millions nationwide |
| 2026-03-11 |
| [FoxBusinessNews] A federal appeals court on Monday officially finalized the termination of the Saving on a Valuable Education (SAVE) plan, the Biden program that significantly lowered repayment rates for millions of student loan borrowers. The judgment, issued by the U.S. Court of Appeals for the 8th Circuit, reverses a lower court’s February dismissal of a Republican-led legal challenge against the SAVE plan. That ruling was issued by Judge John Ross of the U.S. District Court for the Eastern District of Missouri. Originally introduced in 2023 under former President Joe Biden, the SAVE plan was hailed as the "most affordable repayment plan ever created" for federal student loan borrowers. The program was the first and only plan in history that prevented the balance from ever growing by subsidizing 100% of all unpaid monthly interest. More than 7 million student loan borrowers reportedly remain enrolled in the SAVE plan as of the fourth quarter. Related: Saving on a Valuable Education: 2025-02-19 Biden's $475B student debt cancellation plan blocked as federal appeals court issues final decision Saving on a Valuable Education: 2024-05-23 Biden Admin Cancels $7,700,000,000 in Student Federal Loans Saving on a Valuable Education: 2024-04-12 Biden cancels another round of student debt for over 200,000 more borrowers |
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