Supreme Court rebuffs Biden administration plea to restore multibillion-dollar student debt plan

The Supreme Court is keeping on hold the latest multibillion-dollar student debt relief plan from the Biden administration, while multiple lawsuits make their way through lower courts .The justices on Wednesday rejected an administration request to put most of it back into effect. It was blocked by 8th U.S. Circuit Court of Appeals. In an unsigned order, the court said it expects the appeals court to issue a fuller decision on the plan “with appropriate dispatch.” The Education Department is seeking to provide a faster path to loan cancellation, and reduce monthly income-based repayments. Cost estimates of the new SAVE plan vary from $276 billion to $475 billion.