President Trump's new 2020 budget proposal has important implications for student loans.
Under Trump's proposed budget, the Public Service Loan Forgiveness program would be eliminated.program is a federal program created by President George W. Bush that forgives federal student loans for borrowers who are employed full-time in an eligible federal, state or local public service job or 501 non-profit job who make 120 eligible on-time payments over ten years.
The proposal would impact borrowers who borrow a new student loan starting July 1, 2020, excluding borrowers who are completing their current course study. Therefore, if you borrow or have borrowed a student loan prior to that date, you would presumably still be eligible for this student loan forgiveness program.
for federal student loans, which causes confusion for student loan borrowers. Income-driven repayment plans such as PAYE and REPAYE enable borrowers to repay their federal student loans based on income, family size and other factors, and can result in student loan forgiveness. Trump's repayment plan would reduce the number of income-driven repayment plans to one, and offer student loan forgiveness for both undergraduate and graduate federal student loans.Monthly student loans payments would be capped at 12.5% of income. After 15 years of monthly payments, any remaining student loan debt would be forgiven. This is five years earlier than current income-driven repayment options for undergraduate student loans.Monthly student loans payments would be capped at 12.
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