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AG Ellison, others, speak on student debt relief
AG Ellison was joined by others at the Warren E. Burger Federal Building and U.S. Courthouse to speak against the effort to block the SAVE student loan repayment plan.
ST. PAUL, Minn. (FOX 9) - The Eighth Circuit Court of Appeals will meet to discuss the legality of President Biden's latest version of the income-driven student loan repayment plan, SAVE.
What we know
Biden, along with officials from the U.S. Department of Education, issued a revised student load income-driven repayment plan aimed at lowering monthly costs and allowing borrowers to pay off their debt sooner.
The result is the Saving on a Valuable Education (SAVE) plan, which remains blocked as the federal Court of Appeals determines if the president has the authority to enact the plan.
Many people have already enrolled in the plan, so the United States Department of Education placed those accounts into interest-free forbearance as the courts sort out the plan's legality or lack of.
The court ruled in August to halt the plan after a preliminary injunction was issued.
READ MORE: Minnesotans had $14.5 million student loan debt forgiven through SAVE plan
The Eighth Circuit Court of Appeals will hear oral arguments about the plan on Thursday, Oct. 24.
The U.S. Supreme Court has urged a quick ruling on the issue.
Why it matters
Millions of borrowers are in limbo as they await the court's final decision on the legality of the plan.