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Hours after Joe Biden read that his administration will direct another $1.2 billion in debt forgiveness for 35,000 student borrowers, the federal 8th Circuit Court of Appeals just shut the whole thing down. In other words, taxpaying plumbers and electricians will no longer pay for debts voluntarily taken out by those who now can't afford to pay them.

In a Thursday ruling, the Court granted a motion for an administrative stay filed by a group of Republican-led states which sought to invalidate the Biden administration's entire student loan forgiveness program. The order prohibits the administration from implementing any aspect of the SAVE plan – much of which had already been blocked by lower court rulings.

Today's order from the 8th circuit blocks a ruling by the 10th Circuit Court of Appeals allowing the department to proceed with lowered monthly payments.

The Department of Education says it's reviewing the ruling.

"Our Administration will continue to aggressively defend the SAVE Plan — which has been helping over 8 million borrowers access lower monthly payments, including 4.5 million borrowers who have had a zero dollar payment each month," said the administration. "And, we won’t stop fighting against Republican elected officials’ efforts to raise costs on millions of their own constituents’ student loan payments."