The Biden administration has taken a stance of, 'We want to try and forgive as much debt as possible through various different programs,' said Preston Cooper. 'And to put it mildly, we're not going to see that same attitude under the Trump administration.' In light of potential changes, borrowers are left uncertain about the future of their relief options as leadership transitions.
During his two terms as president, Joe Biden has utilized multiple strategies to forgive around $175 billion in student debt for nearly five million borrowers. With incoming leadership, this significant shift suggests these relief efforts will likely be halted or significantly reduced.
Higher education experts predict that under Trump's presidency, initiatives such as the SAVE repayment plan, aimed at making student loans more manageable, could be dismantled rapidly. GOP control over Congress and the White House may further facilitate this transition, leaving borrowers in a precarious position.
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