Student loan forgiveness program on hold. What to know [Video]

Cody Gude was counting the seconds until July when his monthly student loan payment was scheduled to drop to $100 from $200.

The lower payment meant that he would no longer need to deliver groceries on Instacart in his spare time, on top of his work as a social media consultant.

“I could breathe,” the 35-year-old Tampa, Florida, resident said.

But then he saw headlines on Monday that major parts of the Saving on a Valuable Education, or SAVE, plan were on pause. Two federal judges in Kansas and Missouri temporarily halted the Biden administration’s new repayment plan until they rule on the cases.

The U.S. Department of Justice is expected to appealthe preliminary …