WASHINGTON (Michigan News Source) – On late Friday, a federal appeals court issued an administrative stay which temporarily blocks President Joe Biden’s plan to cancel billions of dollars in federal student loans.
The decision appears to throw the program into limbo just days after people began applying for loan forgiveness.
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The Eighth Circuit Court of Appeals issued the stay while it considers a motion from six Republican-led states to block the program. The stay ordered the Biden administration not to act on the program while it considers the appeal.
It’s unclear what the decision means for the 22 million borrowers who already applied for the relief.
