What Will Happen to my Student Loans Under Trump? | Let’s Talk | NPR


Recent college graduates who borrow
are leaving school with an average of $34,000 in student loans. The total loan balance in the United States has nearly tripled in the past decade, to $1.3 trillion. Now, nothing’s going to happen to the loan program without Congress’ signoff. But we can read the tea leaves from the president’s
budget request for cutbacks to the loan program — and regulatory moves from Education Secretary Betsy DeVos. First, DeVos has pulled back on oversight of servicers. These are the for-profit companies that manage your student loan payments. That’s an issue because these servicers have faced a lot of complaints, including lawsuits. The federal Consumer Financial Protection Bureau alleges that one of these companies — [quote] “illegally cheats borrowers out of repayment rights through shortcuts
and deception.” There have also been allegations of misapplied payments, unclear communication and subprime lending. So the advice for those chipping away at your loans right now: When you deal with servicers, stay organized, keep records of your calls and emails and letters, and do your own research and homework. Second, if you were considering a program called public service loan forgiveness, there may be reason to be cautious. Public service loan forgiveness erases student
loans after 10 years of employment for the government or a qualifying nonprofit. Almost half a million people are enrolled
in this program — teachers, doctors, lawyers — even some NPR employees. But [President] Trump wants to cancel the program. It’s unclear right now whether that would mean grandfathering in the people already enrolled. And even the program’s advocates believe
it could be downsized or capped. 2017 is the year that the first enrollees in public service loan forgiveness are supposed to to start getting their loans erased. So we’ll keep watching to see the impact from the Trump administration.

19 comments on “What Will Happen to my Student Loans Under Trump? | Let’s Talk | NPR”

  1. Mama Mimi says:

    If DeVos has anything to do with it…Good Luck!

  2. Kent VanderVelden says:

    I taught briefly at a well regarded state university. It was surprising to hear from the majority of the class, most were juniors, about their dissatisfaction with the program. Some went as far as to say they hadn't learned anything of value in their program and valuable skills have only come from internships. Imagine having debt and feeling the time was wasted. The administration focuses on paperwork and many professors appear to be behind the times in practical classes. This is really disheartening and supports those who say people should strongly consider not attending college and to instead build skills while avoiding the debt. This messes up the HR screening that many big companies do, but avoiding big companies may be a good thing for many people. NPR, instead of student loans, consider focusing on the value a college degree offers today. Does college debt support an investment or is college simply another part of the machine separating us from our savings? The only good idea I've heard in education is importing the trainee program from Europe, where people are taught a vocation under skilled workers in industry as part of their high school program. Free college for all is a bad idea without measuring and improving what students are receiving, and even then I have doubts existing colleges could scale well.

  3. David S. says:

    We should be thankful for everything Trump has given us. We now have free medical for the needy and Mexicans have been reduced. ISIS has been defeated and he has saved the coal industry! God bless our supreme leader.

  4. Matt W says:

    Colleges will charge whatever people are willing and able to pay. When the government subsidizes college education, students can suddenly afford to pay more and colleges charge more in response. John Stossell did an excellent video on this.

    https://youtu.be/-8Pw9ZnOS8w

  5. SandCrabNews says:

    What level of work ethic is learned in government employment?

  6. SandCrabNews says:

    Manufacturing is rising in the US and general community college level education drastically improves understanding of process logic, function and analysis. Assembly work in mechanical and electrical levels and lead to quality assurance and testing positions. Shipping department teaches packaging technology and logistics (Amazon, USPS, UPS, DHL). The Military offers entry-level employment (organizational to intermediate) in various industries from aviation, ships, support, medical, dental, etc., in a global security enterprise. But, finish college with a degree, enter the Air Force or Naval academies and start at the lower officer levels for higher training in leadership responsibilities. It's all a game best won by knowing the rules.

  7. TheMathKid says:

    What will happen to my student loans? I, the student that took them out, will pay them back. I knew what I was doing when I took out a loan. I had no other way to pay for college my second time around when looking to make a career change. I went into a field with concrete skills and job opportunities. I got a job and will continue to work towards paying off my loans. I don't expect anyone to assist me (though I can't say I'd mind if they did!). Loans are you own responsibility. Pay them like you would pay the bill for any other service you contract for.

    I don't feel especially sorry for all the whiners that complain about crippling student debt. Go to a state school, not a private school. Work while you're in school. Get a job, even if it's not in your field, after you graduate, and start paying them back. There are plenty of repayment plans to meet your particular situation. I had to take an income-based plan for the first year after leaving school because I simply couldn't afford a payment. Yes, I incurred some interest. No big deal. Now that I have a job, a 3-5 year repayment plan is completely reasonable. If you're still paying student loans after 10 years, you''re doing something wrong. Seriously wrong. I really don't understand the people that end up with $100,000 in debt or still have balances after 15 years. Wtf were you thinking?

  8. Anyonomus a says:

    npr is fake news. Here is a solution to student debt problem: work and save your income

  9. XenonKey says:

    Clickbait video with buzzword of Trump in it. Students pay back their loans. No one should be relying on student loan forgiveness anyway.

  10. KinuGoddess777 says:

    @NPR According to the recent news, a number of borrowers that signed up for PSFL in 2007, are now being told that the "forgiveness" is being rescinded. I signed up for this program this year. Since hearing this news, I will not be allowing my interest to accumulate.

  11. Dwaine Higgins says:

    What? You have to pay back things that are loaned to you??
    Personally, I think all of you should pay for my degree in finger painting baskets.

  12. Joey says:

    You'll have to PAY them as you should!

  13. Michigan USA/Singapore S.E.Asia says:

    https://youtu.be/EEr3hmZtC4A
    When I hear these night mare stories the Kalamazoo Promise program in Michigan always comes to mind.
    Wow 💯 % free money even to go to private universities and you do not have to be even an American to qualify. The first and only program of its kind. Not shocked though since Kalamazoo was the first to provide a free public education in America, before catching on everywhere, and first to have a college in the state of Michigan as well.

  14. Ken Evanska says:

    Well, Trump hardly ever paid back what he owed . Well he never paid back what he owed.
    If its okay for that orange shit stain, then its okay for people who can read and write .

  15. Ken Evanska says:

    Healthcare and education should be free as paid out of your taxes .

  16. D F says:

    You took the loan, you pay it back, what on god's green earth is so hard to understand about that?

  17. Aaron D E E says:

    socialism. socialism!

  18. Hassan Qayyum says:

    Trump just cancelled student loans for people who actually deserve it, disabled vets. Not pretentious and dumb npr employees lol.

    Eat it.

  19. Jon Davis says:

    https://www.washingtonpost.com/news/grade-point/wp/2018/01/11/education-dept-awards-debt-collection-contract-to-company-with-ties-to-devos/

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