US Supreme Court’s Refusal to Lift Injunction on SAVE Plan Could Worsen Student Debt Crisis: Who can still benefit? – Times of India
The United States Supreme Court’s decision, earlier in August 2024, to uphold an injunction against President Biden’s student loan forgiveness plan, known as the Saving on a Valuable Education (SAVE) plan, has left millions of borrowers in uncertainty.The US Supreme Court ruling blocks a central avenue for federal student loan debt relief that many had been relying on, exacerbating an already severe student debt crisis in the country.While President Biden has cancelled significant amounts of debt since taking office, the Supreme Court's decision threatens to undo the progress made in reducing borrowers' financial burdens.Understanding 'SAVE' planThe Saving on a Valuable Education (SAVE) plan was one of President Biden's key initiatives aimed at providing targeted student debt relief. Launc...