Cody Gude was counting the seconds until July when his monthly student loan payment was scheduled to drop to $100 from $200.
But then he saw headlines on Monday that major parts of the Saving on a Valuable Education, or SAVE, plan were on pause.
The U.S. Department of Justice is expected to appeal the preliminary injunctions, but for now, millions of student loan borrowers are disappointed and angry that they won't see the relief they expected in just a matter of days.
Gude's student loan servicer, Nelnet, already updated his monthly bill to reflect the lower amount.
(Under SAVE, many borrowers pay just 5% of their discretionary income toward their debt each month instead of the previous 10% requirement, and millions of borrowers have a $0 monthly payment.)
Persons:
Joe Biden, Education Secretary Miguel Cardona, Cody Gude, servicer, Gude
Organizations:
Education Secretary, White House, Valuable Education, Biden, U.S . Department of Justice, Finance, Social Security Workers
Locations:
Washington , DC, Tampa , Florida, Kansas, Missouri