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Joe Biden gets a setback from the court, ban on student loan waiver scheme of billions of dollars

America News: US President Joe Biden has received a setback from the court on the plan to waive billions of dollars of student loans. The Federal Appellate Court has put a temporary stay on the plan. The court has decided to stop the petition after considering the petition of 6 states ruled by the Republican Party. In the petition on behalf of these states, an appeal was made to stop the loan waiver scheme.

The court ordered the Biden administration in a strict manner, saying that this plan should not be carried forward until the hearing on the appeal is completed. However, it is not yet clear how much and what will be the effect on the 20 million borrowers who have applied for loan waiver.

So many crore students applied – Joe Biden

In fact, it was said by the Biden administration that the loan waiver would start by the 15th of November. Millions of Americans were expected to have their debt forgiven under Biden’s plan, while there is now doubt about this. President Joe Biden said in a university that, since the online application became available, 20 million students have so far applied for loan waiver.

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So many crore lenders eligible under the scheme

According to this scheme, a loan of 10-10 thousand dollars will be waived for students earning less than 1 lakh 25 thousand US dollars or students of families earning less than 2 lakh 50 thousand dollars. As per the scheme, around 4 crore 30 lakh lenders have been found eligible for loan waiver.

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