Is Biden’s Save plan still in effect? What to know about paying off student loans.

A pair of federal judges have put the brakes on President Biden’s latest student loan repayment plan, signaling that the program is at risk of being repealed and leaving millions of borrowers in a state of panic.

Biden launched the Valuable Education Savings program, commonly known as Save, last fall as millions of Americans resumed student loan payments after a more than three-year pause caused by the pandemic. The new plan offered lower monthly payments and a faster path to loan payoff. More than 8 million people are registered and the debts of more than 400,000 borrowers have already been canceled.

But two rulings on Monday, in lawsuits brought by Republican-led states, will prevent the Biden administration from moving forward with key features of the payment plan. The administration has vowed to fight for the program, but officials must suspend parts of it until the litigation concludes.

That has left some borrowers scrambling for more details. This is what we know.

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