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A federal appeals court has blocked President Joe Biden’s administration from implementing its Saving on a Valuable Education (SAVE) student debt relief plan.
The Details: The St. Louis-based 8th U.S. Circuit Court of Appeals granted a request by seven states to put on hold parts of the U.S. Department of Education’s debt relief plan. Combined with a previous ruling last month by U.S. District Judge John Ross in St. Louis, the entire SAVE plan is now blocked from being implemented as the legal process continues.
“Appellants’ emergency motion for an administrative stay prohibiting the appellees from implementing or acting pursuant to the Final Rule until this Court rules on the appellants’ motion for an injunction pending appeal is granted,” 8th Circuit Court stated in its ruling.
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According to a report from Business Insider, the Department of Education's Solicitor General Elizabeth Prelogar recently responded to the court on the confusion that would be caused if implementation of the SAVE plan was blocked at this stage.
“Many have already received bills that reflect the decrease in monthly payments to 5% of their discretionary income,” Prelogar wrote. “Many would experience intense confusion when they are told that their payments must be recalculated and that they must be placed in forbearance — which would delay any eventual loan forgiveness.”
Some companies that service student loans include SoFi Technologies, Inc. (NASDAQ:SOFI), Nelnet, Inc. (NYSE:NNI), Navient Corp (NASDAQ:NAVI) and SLM Corp (NASDAQ:SLM).
SOFI, NNI, NAVI, SLM Price Action: According to Benzinga Pro, SoFi shares are down 4.02% at $7.53, Nelnet shares are down 1.50% at $109.66, Navient shares are down 1.60% at $15.36 and SLM shares are down 0.64% at $23.35 at market close Thursday.
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