3 ways student loan borrowers may be affected by President-elect Donald Trump's second term.

At least 8 million borrowers currently enrolled in the Saving on a Valuable Education repayment plan won't be making payments as President Donald Trump returns to the White House.

In the 2024 presidential election, student debt was not as significant a campaign issue as it was in 2020. As a result, it is unclear how President-elect Donald Trump intends to handle it. He has not shown any interest in forgiving student debt and has criticized some of Biden's initiatives as "vile."

During his previous term, Trump made certain moves and made comments that suggest potential outcomes for student loan borrowers. Here are three ways a Trump presidency could affect student loan borrowers.

1. The SAVE plan could be abandoned

The SAVE income-driven repayment plan is being considered by the 8th Circuit Court of Appeals in Missouri for its legality, while the Biden administration is defending the plan. However, it is uncertain if the next Trump administration will continue to support it.

The Biden administration is strongly defending the rule due to the affordable repayment plan it offers, according to Persis Yu, deputy executive director and managing counsel at Student Borrower Protection Center, as reported by CNBC Make It.

A lawsuit challenging provisions of the SAVE plan is currently with the 10th Circuit Court of Appeals in Kansas, but has been put on hold due to a decision in Missouri that could affect the outcome of the Kansas case. This back-and-forth is causing confusion and uncertainty, says Yu.

If the dust settles in one or both cases, it's unclear how student loan repayment will proceed. Millions of borrowers may not know their monthly payment for the foreseeable future.

2. Student loan forgiveness could be stalled

Trump's first term in office saw him propose cutting funding to various higher education programs and abolishing Public Service Loan Forgiveness, although the proposal did not pass. To completely eliminate existing forgiveness programs such as PSLF or borrower defense to repayment, which aids those defrauded by their academic institutions, Trump will require Congress's backing.

If the administration handles debt relief differently, it could still be delayed, as seen during Trump's first term, says Yu.

Since its inception in 2017, PSLF has been providing loan forgiveness to borrowers. However, as of 2019, only 1% of applicants were approved. In July 2019, the largest teachers union in the country sued then-Secretary of Education Betsy DeVos for mismanagement of the program. The lawsuit was settled in 2021.

The Trump administration relaxed the standards for institutions to prove student success, resulting in the denial of approximately $11 billion in debt relief to borrowers who were defrauded by programs such as those offered at for-profit colleges.

Biden's plan B for broad debt forgiveness is currently tied up in court, with the aim of providing debt relief to millions of borrowers who entered repayment decades ago, owed more than they initially borrowed or enrolled in low-value academic programs. However, it's unlikely that the Trump administration will continue fighting the Republican-led lawsuits.

3. Project 2025's initiatives could be up for grabs

Trump's opposition by Democrats was due in part to his support for Project 2025, a policy agenda written by The Heritage Foundation.

Trump tried to distance himself from the unpopular ideas in his agenda later in the campaign, but he may still enact similar policies he supports.

The Project 2025 aims to eliminate specific programs, such as PSLF and borrower defense to repayment, and ultimately dismantle the Department of Education. This aligns with Trump's long-term plan to rely on private lenders for higher education financing.

Yu expresses concern about the potential conflict between protecting corporate interests and the interests of borrowers and students.

Borrowers of private student loans may face higher interest rates, as these rates are determined by lenders rather than Congress. In contrast, federal loans offer numerous safeguards, including the option to enter forbearance if you're having trouble making payments.

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