In a federal lawsuit filed Thursday, 11 states led by Kansas argue that Biden overstepped his authority in creating the SAVE Plan, which was made available to borrowers last year and has already canceled loans for more than 150,000.It argues that the new plan is no different from Biden's first attempt at student loan cancellation, which the Supreme Court rejected last year. “Last time Defendants tried this the Supreme Court said that this action was illegal.
”Video below: Rossen Reports: Do you qualify for $0 student loan payments?Biden’s new repayment plan is a modified version of other income-based repayment plans that the Education Department has offered since the ’90s. The earliest versions were created by Congress to help struggling borrowers, capping payments at a portion of their income and canceling any remaining debt after 20 or 25 years.