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The 8th Circuit Court of Appeals finalized the termination of the Biden-era SAVE plan on Monday.
Former President Joe Biden’s Saving on a Valuable Education (SAVE) plan would have lowered the repayment obligations for millions of student loan holders, but the federal court reversed the decision of Judge John Ross of the U.S. District Court for the Eastern District of Missouri, who initially threw out the GOP-led challenge to the act.
“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,” Fox News reported. Over seven million borrowers still remain enrolled in the program, and have been encouraged to switch to other repayment programs.
“Among alternative options, the Income-Based Repayment (IBR) plan sets monthly payments at 10% to 15% of discretionary income over a 20- to 25-year period,” Fox noted.
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