Federal judges in Kansas and Missouri have blocked significant portions of a Biden administration student loan repayment plan, set to take effect on July 1. U.S. District Judge Daniel Crabtree in Kansas ruled to restrict parts of the program intended for borrowers with larger loans while allowing provisions for those with smaller debts. In Missouri, U.S. District Judge John Ross prohibited the Department of Education from forgiving future loan balances but permitted reduced monthly payments. Republican state attorneys general, who filed the lawsuits, hailed the rulings as victories against what they view as an unconstitutional overreach.
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00:00It's Benzinga, and here's what's on the block.
00:02Federal judges in Kansas and Missouri have blocked significant portions of a Biden
00:07administration student loan repayment plan set to take effect on July 1st.
00:12U.S. District Judge Daniel Crabtree in Kansas ruled to restrict parts of the program
00:16intended for borrowers with larger loans while allowing provisions for those with smaller debts.
00:21In Missouri, U.S. District Judge John Ross prohibited the Department of Education from
00:25forgiving future loan balances but permitted reduced monthly payments.
00:30Republican state attorneys general who filed the lawsuits hailed the rulings as
00:34victories against what they view as an unconstitutional overreach.
00:38For all things money, visit Benzinga.com.