Student-loan borrowers on the SAVE repayment plan will get "clear guidance" on switching to a new plan in the coming weeks.

The roller coaster ride for borrowers enrolled in a key affordable repayment plan continues.

On Monday, the 8th Circuit directed a district court to approve Donald Trump’s proposed settlement with the state of Missouri to eliminate the SAVE student-loan repayment plan.

The plan has been embroiled in a legal back-and-forth for years. Most recently, a district court declined to rule on the proposed settlement, which some advocates and lawmakers saw as a win for borrowers and urged the Department of Education to carry out relief under SAVE.

However, the 8th Circuit’s ruling means that, once approved, the department will move forward with the settlement and require enrolled borrowers to transition to a new plan.

  • ShaggySnacks@lemmy.myserv.oneEnglish
    1·
    7 days ago

    Whoever thought of the concept of making borrowing money profitable has pure capitalism flowing through their veins and they need to suffer.

    Sadly the concept of interest predates capitalism by several thousand years.

    The rise of interest as a concept is unknown, though its use in Sumeria argue that it was well established as a concept by 3000BC if not earlier, with historians believing that the concept in its modern sense may have arisen from the lease of animal or seeds for productive purposes.

    https://en.wikipedia.org/wiki/Interest#History

    There was a brief moment in time when the Abrahamic religions all took a very dim view of interest.

    • oopsgodisdeadmybad@lemmy.zip
      1·
      6 days ago

      Changes nothing.

      Just means capitalism is Interest Jr.

      I think some is necessary just to give an incentive for pushing it back. But if it’s the backbone in an industry of borrowing practice and a key feature, of capital gain, then it should definitely be taken waaaaaay down.