Arkansas Attorney General Tim Griffin announced his plan to join a lawsuit against President Joe Biden's student loan reform plan on Thursday.
The suit aims to end the program known as the Saving on a Valuable Education, or SAVE, Plan, an alternate student loan repayment plan announced by Biden in August of last year. The suit is being led up by several conservative states including South Carolina, Alabama and Texas. According to the Washington Post, the suit was initially filed federal court in Topeka, Kan.
The SAVE Plan allows borrowers to avoid making payments if they make below a certain threshold. Instead of being required to pay 10% of their income, borrowers are only required to pay 5%. The new plan brought many borrowers' monthly payments down to $0 a month. It also caps interest on the loans, making sure balances do not increase.
In a statement, Griffin said he is opposed to the SAVE Plan.
“President Biden cannot unilaterally cancel student debt and force taxpayers to bear the multi-billion-dollar cost,” he said.
