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3 Ways Trump May Change Student Loans

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PLATINUM NEWS

3 WAYS TRUMP MAY CHANGE STUDENT LOANS

The Trump administration has proposed some big changes for student loans.
 
Here’s what to watch for and how it could affect you.
1. The End Of Student Loan Forgiveness?
Student loan forgiveness sounds like a wonderful game plan to many student loan borrowers.
However, it comes at a cost – for taxpayers. Under several student loan forgiveness plans through the federal government, for example, borrowers could have their student loans effectively paid by the federal government.
That doesn’t entirely sit well with the Trump administration, and U.S. Secretary of Education Betsy DeVos has repeatedly stated her goal to balance the interests of both student loan borrowers and taxpayers.
 
So, what’s the future of student loan forgiveness?
There is no guarantee that student loan forgiveness will continue in its current form, or at all. The Trump administration proposed eliminating Public Service Loan Forgiveness plan from its 2019 budget.
Current participants in Public Service Loan Forgiveness (10 years to student loan forgiveness) or income-based repayment programs (20 to 25 years for student loan forgiveness) may be expected to be safe for student loan forgiveness, but the future of student loan forgiveness may change.
 
How This Affects You: While student loan forgiveness may end, student loan forgiveness may not be worth it to student loan borrowers in the long run. You may be able to pay off student loans faster or refinance student loans to save money.
Alyssa Friedman

Alyssa Friedman

PERSONAL FINANCE

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External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by Platinum Debt Services. Links are provided for informational purposes and should not be viewed as an endorsement.

Platinum Debt Services refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including Income-Contingent Repayment or PAYE. Platinum Debt Services always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Third Party Brand Mentions: No brands or products mentioned are affiliated with Platinum Debt Services, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.

Platinum Debt Services was founded by a young group of professionals who recognized that they student loan crisis was partly due to that fact that borrowers do not know their options. Our main goal is to educate and empower consumers by providing up to date new programs and information.

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