What will happen with student loans after Trump's victory?

Will PSLF and the SAVE plan be repealed with President Trump's surprisingly large 2024 election victory? We'll cover your questions and the key things you need to know that could happen in the next 4 years with student loan policy.

[JordanFoster-mp]

Are we able to switch from SAVE plan back to PAYE plan?

Currently in forbearance under SAVE but have less than 2 years left of payments...

[BorntobeWild.]

Do you have any videos talking to people who are in a different type of financial situation, for example people who make less than $75, 000 a year.

[BorntobeWild.]

When thinking about a person’s discretionary income, are your living expenses (rent food medical credit card payments car payments) included, or counted, before they determine what you have left over that is discretionary for repayment of the loan?

[dancerodie]

So are you saying leave the SAVE PLAN now?

[dreamer.taurus]

Stupid question here: when we say 20/25 years, can we run out the clock or is it a certain number of payments within that timeframe we have to meet. Thanks in advance

[TheEcdysis]

Not sure if I am understanding this correctly but: The advice for people seeking PSLF who are on the SAVE Plan to switch to IBR is contingent upon not being eligible for the PSLF buy-back (i.e. by having the 120 months) within the time-frame for the regulations to be repealed and replaced, is that correct? For example, if you are eligible for the buy-back in March, you may want to stay on SAVE forbearance right now and attempt the buy back in March, before the buy-back regulation is repealed. But if you are eligible for buy-back in, say, June, you may want to change to IBR because buy-back may be repealed by then. Obviously, this is dependent on WHEN and IF buy-back is repealed, which is just an educated guess. And if you guess wrong, you may lose a few months of potential payments at a likely lower income level. Am I understanding that correctly, or missing something?

[BorntobeWild.]

Can the poverty lines be changed?

When you using the calculators what is considered family size? (Those who live with you? Or those you put on your taxes? )

[rideoutish]

If I've been on PAYE for 10 years and it goes away and I don't qualify for IBR financial hardship do I just start a standard 10 year plan from scratch?

[jameshatcher]

Are we talking about the fact that Trump will just say, I can do what I want ... and then do what he wants?

[KatsMat]

I'm 80, on the Income based plan...limited income, no payment on certification... concerned.

[washingtongumballs]

So basically this is going to cost me about 200k in interest over the life of my loan. This sounds excellent for the economy 😒

[Vanya]

I’m in PSLF and in SAVE forbearance, with 41 payments left. What should I do? I was told I could apply for another payment plan, but that they were not processing any new applications. I wanted to switch to IBR, but was told I couldn’t right now, and to wait it out. Do you think that they will move those stuck in the SAVE forebearance to IBR automatically? Again, I was told I could apply, but nothing would happen.

UPDATE: The Department Of Education just told me that the IBR repayment plan is also one of those being challenged in court, contrary to what I’ve been hearing in these videos, so now I’m not sure what to do or what to believe.

[coreysamudosky]

I took my first loan in fall of 2013. If I was able to pay that off and all my loans are in 2014 or later are you saying I’d be eligible for new ibr? (Basing this question off your comments at 1:06:00

[cindynelson]

Travis, I am joining late. Will you recap what you discussed tonight in an email? I am truly worried about my daughter's PSLF plan.

[patrickmillehan]

I’m in a processing forbearance with mohela. I applied to save plan but never got on it and have been in limbo. One mohela rep said it will count towards my pslf while in this type of forbearance is this true?

[KatsMat]

Will Mohela leave me at my current status?

[gifgt]

Save is going down the sh*tter. Pslf is next. Vote sponge bob and Hello little kitty.

[DeanRamser]

Thank you. I was on the phone today with Mohella and Dept of Ed. My PSLF application was canceled bc my adjunct teaching (11 courses and 5 colleges each semester) no longer counts towards FT qualifications. Only a few years ago it did. I guess the rules changed. Meanwhile, I could reapply for IDR, but that's on hold for a minute or month or.... Crazy stuff.

[kevingaddis]

You all need to pay the for your own loan not the tax payer.