U.S. President Joe Biden shakes hands with U.S. President-elect Donald Trump in the Oval Office of the White House on November 13, 2024 in Washington, DC.
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The country’s roughly 40 million federal student loan borrowers should brace for changes related to their debt when President Joe Biden exits office toward the end of the month.
President-elect Donald Trump takes a more critical view of student loan forgiveness policies, for example. And the Biden administration’s latest repayment plan for borrowers, the Saving on a Valuable Education plan, or SAVE, may not survive.
“For those worried about SAVE going away, I think it probably will, unfortunately,” Betsy Mayotte, president of The Institute of Student Loan Advisors, a nonprofit, told CNBC shortly after the election.
Here are some steps borrowers can take now to be prepared for the Trump administration, experts said.
Understand your remaining relief options
With Biden’s wide-scale student loan forgiveness plans withdrawn and the SAVE plan facing an …