WASHINGTON – It's official: Former President Joe Biden 's signature student loan repayment plan is over. And the clock is ticking for millions of borrowers to enroll in another program.

On Dec. 9, the federal Education Department announced a proposed legal agreement meant to kill the program known as the Saving on a Valuable Education, or SAVE, plan. The agency said it settled with several red states who sued to stop SAVE in March 2024.

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