The U.S. Department of Education on Tuesday announced a proposed agreement with Missouri that would shutter a Biden-era student loan repayment program and require millions of loan holders to immediately begin repaying their student debt.

The proposal would end the Saving on a Valuable Education, or SAVE, plan, which the Biden administration launched in 2023.

The income-driven repayment program allowed some low-income borrowers to qualify for $0 monthly payments on their federal student loans, while others could have their loans forgiven outright.

The current Department of Education calls that program "illegal."

"As part of the proposed joint settlement agreement, the Department will not enroll any new borrowers in the illegal SAVE Plan, deny any pending applications, and move all SAVE

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