3 million student loan borrowers won't owe a payment in July: Here's why

(NEXSTAR) — Despite two federal injunctions handed down last week, millions of student loan borrowers will not have to make a payment on their debt in July.

The one-month forbearance is part of what was intended to be a new phase of benefits for borrowers enrolled in the Saving on a Valuable Education plan, otherwise known as the SAVE plan.

In July, early forgiveness and other benefits were set to take effect for many SAVE borrowers, including recalculating and/or reducing the payments owed by many.