A U.S. appeals court ruled on Tuesday that Democratic former President Joe Biden's administration lacked authority to pursue a student debt relief program designed to lower monthly payments for millions of borrowers and speed up loan forgiveness for some.

It looks like the end of the line for SAVE after a US appeals court blocked the student loan debt relief program. The Eighth Circuit Court of Appeals ruled Tuesday that former President Joe Biden's administration exceeded its authority by designing the Saving for a Valuable Education plan to largely forgive loans rather than requiring borrowers to repay them.

Former President Joe Biden's key student-loan repayment plan is blocked without an end in sight, preventing millions of borrowers from accessing cheaper payments and a shorter timeline for loan forgiveness.