The justices rejected an administration request to put most of it back into effect. It was blocked by 8th U.S. Circuit Court of Appeals.
In an unsigned order, the court said it expects the appeals court to issue a fuller decision on the plan “with appropriate dispatch.”
Last year, the Supreme Court’s conservative majority rejected an earlier plan that would have wiped away more than $400 billion in student loan debt.
Cost estimates of the new SAVE plan vary. The Republican-led states challenging the plan peg the cost at $475 billion over 10 years. The administration cites a Congressional Budget Office estimate of $276 billion.
