The president has extended the student loan repayment pause into 2023. Biden said he wants to give lawsuits against debt cancellation time to play out, and the Supreme Court time to weigh in.

The Eighth Circuit Court of Appeals issued the stay, ordering the Biden administration not to act on the program while it considers a motion from six Republican-led states to block loan cancellation.

The cost of the White House's student loan forgiveness plan is an estimate over a 30-year period and will add to the country's deficit, the Congressional Budget Office said in a report.

In a letter to Biden, Republican governors say they support "making higher education more affordable" but don't want to "force American taxpayers to pay off the student loan debt of an elite few."

The measure would free some borrowers from debt incurred by spouses – sometimes abusive ones – and could lay a path toward loan forgiveness.