According to the Associated Press, on Wednesday, the Supreme Court maintained the hold on the Biden administration's multibillion-dollar plan to lower payments for millions of borrowers while lawsuits proceeded in lower courts.

The justices rejected the administration's request to reinstate most of the plan, which had been blocked by the 8th U.S. Circuit Court of Appeals.

The Education Department's plan aims to reduce monthly income-based payments from 10% to 5% of discretionary income and eliminate payments for those earning less than 225% of the federal poverty line.

The Court expects a prompt decision from the appeals court, but, for now, millions of borrowers remain in limbo.

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