Appeals court allows part of Biden plan to lower student loan payments

A federal appeals court says the Biden administration can move ahead with a plan to lower monthly payments for millions of student loan borrowers. A week after federal judges in Kansas and Missouri blocked much of a Biden administration student loan repayment plan, a federal appeals court put part of the initiative back on track. The plan lowers from 10 percent of discretionary income to 5 percent the amount that some borrowers qualifying for a repayment plan need to pay. The appeals court ruling means the Education Department can move ahead with the reduced payments already calculated.