Block on Biden student loan forgiveness SAVE plan extended by federal court

A federal court extended the block on President Joe Biden's Saving on a Valuable Education student loan forgiveness plan.

The St. Louis-based 8th U.S. Circuit Court of Appeals extended the block it granted in July upon the request of the attorneys general of several Republican-led states.

According to Reuters, the three-judge panel said the Republican-led states "cannot turn back the clock on any loans that have already been forgiven."

The decision was celebrated by Republican Missouri Attorney General Andrew Bailey, who was behind the original block.

"A MASSIVE win for every American who won’t be saddled with someone else’s Ivy League debt," Bailey said.

The latest iteration of Biden's student loan forgiveness plan aimed to forgive millions of borrowers who earn a low income. Around 8 million have enrolled in the program since last year.

The SAVE program lowers monthly payments for low-income borrowers and allows the debt forgiveness of those whose original balances were $12,000 or less after 10 years.

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Republicans have long opposed Biden’s student loan forgiveness plan, arguing that it harms taxpayers who didn’t go to college, as well as those who have already paid off their debts.

The Penn Wharton Budget Model estimated that Biden’s SAVE program could cost taxpayers $475 billion.