Eleven states filed a lawsuit this week against President Joe Biden's recent $156 billion student debt forgiveness plan, stemming from last year's rejection of the president's reprieve pitch.Alabama, Alaska, Idaho, Iowa, Kansas, Louisiana, Montana, Nebraska, South Carolina, Texas and Utah are also asking to be repaid for Biden's Saving on a Valuable Education Plan loan forgiveness.
Under the SAVE plan, 8 million people are eligible for lower payments or potentially full debt forgiveness. The repayment plan calculates monthly loan payments based on income and family size as well as discretionary income, lowering the amount owed for millions.Around half of the eligible borrowers saw their monthly payments drop to zero if they make under $16 an hour.Despite the pushback, Biden has not backed down on his promises to forgive student debt, which nationally sits at more than $1.