Student Loan Debt Crisis: Supreme Court Blocks SAVE Plan
Will SAVE Plan be Revived?
According to CBSNEWS, The Supreme Court has made a big decision that affects many people with student loans. The Saving on a Valuable Education (SAVE) plan, which was meant to help people pay off their loans, is now on hold. This means that 8 million people who signed up for the scheme won’t have to pay back their loans or interest right now.
However, this break is not a lasting fix. The SAVE program is still not working, and the Biden government is working hard to get it back up and running. Some people don’t like the plan and think it’s not fair. It was made to help people who are having trouble paying back their loans. The future of the program is now unknown.
Student Loan Debt Crisis: What’s Next After Supreme Court Ruling?
The victory or defeat of the presidential race will have a huge impact on the SAVE plan. If the Democratic candidate wins, the government may keep pushing for it to be put into place, which would help millions of loans.
If the Republican candidate wins, on the other hand, the plan might not happen, and people who borrowed money might have to start making payments and paying interest on their loans again. Borrowers are in a state of limbo right now because no one knows what will happen with the program in the future.