Student loan borrowers may find bankruptcy harder under Trump [Video]

More federal student loan borrowers have been able to get their debt discharged in bankruptcy over the last few years, thanks to new guidance that the Biden administration has issued.

That more lenient policy may be at risk when President-elect Donald Trump enters the White House in January, experts say.

Here’s what borrowers need to know.

When the Trump administration takes over, “I suspect we’ll see a tightening in the approach of the relief,” said Malissa Giles, a consumer bankruptcy attorney in Virginia.

As a result, Giles said she plans to be “a little more conservative” with the clients she recommends pursue bankruptcy for their student debt.

“We’re probably not filing those cases that are a bigger ask right now,” Giles said. “I don’t want people to spend their money on it, when it may not come through.”

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