Some Student Loan News

So millions of borrowers are probably confused right now and really anxious.

I owe a significant amount and Biden's SAVE program was a godsend to me as my payments would be totally manageable.

Here's what I know. If you're in the SAVE program, which is an income based repayment plan, your loans are no longer in forbearance and they're accumulating interest. For me, my next payment is due in November.

You're going to get threatening messages to enroll in one of the 2 plans Trump is offering, both his plans are awful and increase payments by double or triple for many borrowers. You don't have to enroll in those plans until they force you to. So make your payments under SAVE and wait for the courts to figure it out, the 2 most likely options right now for a date when they'll force you out of SAVE are July of 2026 or July of 2028. The courts might be inclined to just let it sunset in July of 2028.

Make your payments, and also see what interest is accruing and try to pay that too. But basically it's like a 10 month to a 3 year reprieve from Trump's truly awful payment options are forced on borrowers.

The worst part about Trump's options are they're jacking up my interest rate significantly to what I agreed to when I took my loans.

I can figure out a way to pay no matter what happens, but this is student loan Armageddon for millions of people. We're going to see millions of defaults, people losing their financial wellbeing, even losing their homes. And Trump and his donors are going to get rich collecting these debts, they're going to add fees and make big money in collections. It's going to be a massive crisis in this country that Democrats will have to fix at some point.