As President Biden's term comes to an end, federal student loan borrowers should prepare for potential changes in repayment plans and forgiveness policies. Experts advise borrowers to explore alternative options such as the Public Service Loan Forgiveness (PSLF) program, which remains a stable option for eligible borrowers.
The country's roughly 40 million federal student loan borrowers should brace for change when President Joe Biden exits office toward the end of the month. Here are some steps borrowers can take now to be prepared for the Trump administration, experts said. U.S. President Joe Biden shakes hands with U.S. President-elect Donald Trump in the Oval Office of the White House on November 13, 2024 in Washington, DC.
should brace for changes related to their debt when President Joe Biden exits office toward the end of the month.of student loan forgiveness policies, for example. And the Biden administration's latest repayment plan for borrowers, the Saving on a Valuable Education plan, or SAVE, may not survive., I think it probably will, unfortunately,' Betsy Mayotte, president of The Institute of Student Loan Advisors, a nonprofit, told CNBC shortly after the election.withdrawn and the SAVE plan facing an uncertain fate, it would behoove borrowers to understand the range of relief options still available to them.program isn't going anywhere anytime soon. Signed into law by President George W. Bush in 2007, PSLF allows certain not-for-profit and government employees to have their federal student loans canceled after a decade of payments. 'PSLF is written into federal law by a Republican president, and it would take an act of Congress to eliminate it,' Mayotte said in a November interview. 'Not even all the Republicans want it gone, so such a law change is extremely unlikely.' Even if lawmakers did do away with the program, that change would only apply to new student loan borrowers, Mayotte said. Current borrowers would still be able to work toward loan forgiveness under the program.that it was reopening two student loan repayment plans while the SAVE plan remains tied up in legal troubles. That leaves borrowers with more affordable choices to, and lead to debt forgiveness after a certain perio
STUDENT LOANS FORGIVENESS BIDEN TRUMP PSLF
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