Three states are asking the U.S. Supreme Court to step in to stop the Biden administration from implementing the final pieces of its federal student loan repayment program.
In an emergency application filed July 5, South Carolina, Texas, and Alaska petitioned the high court to halt the Saving on a Valuable Education (SAVE) plan, after a key part of it was allowed to resume.
The program is designed to make student loan payments more affordable and quicker to pay off for low-income borrowers by, in part a new repayment formula which was originally scheduled to take effect July 1. The formula would cut monthly payments on undergraduate loans from 10 percent of the borrower’s discretionary income to 5 percent….
