The Trump administration on Tuesday announced a deal to officially end a major student loan repayment program implemented under President Joe Biden.

The Department of Education said in a news release that it reached a proposed joint settlement agreement with Missouri to bring an end to Biden's "Saving on a Valuable Education" plan. Several Republican-led states had sued the department during the Biden administration over the SAVE plan.

The program has been on hold since February, when the 8th U.S. Circuit Court of Appeals sided with Missouri and other red states that challenged the Biden plan.

A judge will have to sign off on the proposed settlement, which calls for the Education Department to not enroll any new borrowers in the plan, deny any pending applications and move all SAV

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