WASHINGTON (NEXSTAR) - Millions of Americans are seeing their student loan payments reduced under the Biden administration's 'SAVE' plan. But now Republican states are suing to stop it.
This week the Biden administration launched a 'Day of Action' focused on promoting their 'SAVE' student loan program.
"The 'SAVE' program, in my opinion, has generational impact," Education Secretary Miguel Cardona said.
The plan lowers monthly payments based on income, with some people paying as little as $0. Plus, for some borrowers it cancels loans altogether in as few as ten years.
"We're being as aggressive as possible. We want as much debt relief to as many students, as many borrowers, as quickly as possible," Cardona said.
Already the Biden administration says about 7.7 million people are enrolled in the 'SAVE' plan. Though Cardona says that means millions more are missing out.
"We need more people to sign up. We're happy we have 7.7 [million] but we want to double that number," Cardona said.
However, the plan is under fire. This week 11 Republican attorneys general launched a lawsuit to try to shut down the 'SAVE' plan.
Kansas Attorney General Kris Kobach calls the plan a brazen attempt to defy the Supreme Court. Last summer the court struck down the president's first loan forgiveness plan.
"The law simply does not allow President Biden to do what he wants to do," Kobach said. "Aside from the fact that the Biden student loan forgiveness plan version 2.0 is just as illegal as the first one was, it's profoundly unfair."
In a statement the Education Department said "The Biden-Harris Administration won't stop fighting to provide support and relief to borrowers across the country – no matter how many times Republican elected officials try to stop us."
"We look forward to seeing the President's attorneys in court," Kobach said.
The lawsuit will likely take several months to work its way through the courts.
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