US appeals court temporarily blocks Biden's student loan handout

The 8th U.S. Circuit Court of Appeals granted a motion on Friday to temporarily block President Biden's estimated $500 billion student loan handout plan.

The appeals court ruled in favor of six Republican-led states who requested that Biden's handout plan is halted while the court works through its request for an injunction.

Biden's plan, which aims to cancel up to $20,000 in student loan debt for Pell Grant recipients in college and up to $10,000 for others who borrowed using federal student loans.

Qualifications for the handout include having an adjusted gross income of less than $125,000 individually, and less than $250,000 if married.