President Biden’s student loan forgiveness plans still hang in the balance as President-elect Donald Trump gears up to take office in January. Student Loan Expert & Author of “How to Appeal for More College Financial Aid” Mark Kantrowitz joins Wealth! to discuss how these relief plans will be impacted. Kantrowitz believes that former president Trump’s return to the White House could significantly impact the Biden administration’s efforts to provide broad student loan forgiveness. Kantrowitz notes that Trump has “historically not supported loan forgiveness,” so he expects the President-elect to drop these initiatives once Trump takes office in January 2025. Kantrowitz explains that the current SAVE plan is working its way through the lower courts and is expected to ultimately reach the Supreme Court. However, Kantrowitz cautions that this process will unlikely be resolved before Trump’s inauguration. Until a final legal ruling is reached, borrowers will still be able to enjoy the interest-free forbearance. Looking ahead, Kantrowitz suggests that if the SAVE plan were blocked under a Trump presidency, borrowers would need to explore other options, such as income-driven repayment plans or the standard 10-year repayment plan. Both of these alternatives were established by law, independent of the Biden administration’s proposed forgiveness initiatives. Watch the video above to hear more details on how Trump’s proposed Project 2025 plans would impact student loan borrowers.
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