Trump Administration Plans Changes to Student Loans

The incoming Trump administration is poised to significantly impact student loan policies, diverging sharply from President Biden's push for debt relief. Trump has historically been opposed to student loan forgiveness programs, proposing to end the Public Service Loan Forgiveness (PSLF) program and limiting relief for borrowers misled by colleges. The future of Biden's SAVE repayment plan, which benefits low-income borrowers, is uncertain as it is currently on hold due to litigation. Proposed reforms under Trump include eliminating certain income-driven repayment plans and introducing stricter repayment timelines, which may disproportionately affect lower-income individuals. Critics argue that these changes could exacerbate financial inequality, while supporters claim they address irresponsible borrowing. As Biden aims to finalize debt relief efforts, many borrowers are left anxious about the direction of student loan policies under Trump.