Another appeals court rejected President Biden’s bid to reinstate his student debt forgiveness plan on Wednesday — marking the latest legal setback.
Federal loan payments have been on pause more or less since the COVID-19 pandemic began in early 2020, and the administration plans to keep it that way as the legal challenges to student loan relief play out. If the plan is allowed to go forward, or if the courts put a final stop to it, payments will resume 60 days later; if not, bills start coming due after June 30, 2023.
Biden's plan to relieve up to $10,000 in federal student loans for low-to-middle-income borrowers — up to $20,000 for qualifying Pell Grant recipients — has encountered multiple legal setbacks. Before the November ruling vacating Biden's student debt program, a federal appeals court in St. Louis had already placed the program on hold while it considered a separate lawsuit by six states challenging it.
The six states – Nebraska, Missouri, Arkansas, Iowa, Kansas and South Carolina — argued that a handful of state-based loan servicers that manage old, privately-held federal loans, would be hurt financially if borrowers were allowed to consolidate these loans and qualify for debt cancellation. That suit had been dismissed by a U.S. district court judge in Missouri before the plaintiffs appealed to the 8th Circuit,
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