The Trump administration has reached an agreement that could end President Biden's signature student loan repayment plan, a move that may force millions of borrowers back into repayment.

The Education Department on Tuesday announced a proposed settlement with the state of Missouri that it said would terminate the Saving on a Valuable Education, or SAVE, plan, an income-driven repayment plan that tabulates loan repayments based on a borrower's income and family size.

As part of the deal, which is pending court approval, the agency said it will not enroll any new borrowers in the SAVE plan and will deny all pending applications. All current SAVE borrowers will have a "limited time" to enroll in a new plan and begin repayments, according to the department's notice .

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