Student Loan Forgiveness put 'on hold' by Federal Court

There will be no break for Americans struggling with student loan debt. Not yet, anyway!

Late Friday, a federal appeals court temporarily blocked President Biden's program to wipe out billions of dollars in federal student loans.

It was the Eighth Circuit Court of Appeals that issued the stay while it considers a motion from six Republican-led states that seeks to 'cancel' the loan cancellation program. Tonight's stay, which came mere days after folks began applying for loan forgiveness, means the Biden administration can't act on the program while the court considers the appeal.

Nearly 50 million Americans have an estimated $1.75 Trillion in federal student loan debt.

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