Big win for college students. Your boy has racked up about three years’ worth of loans at Rutgers, and them shits are gonna kick in any day now. Here’s hoping my loans snake their way into being a part of this $108 billion. Now we just gotta hope that Trump doesn’t come in and mess it all up for us. I would totally be cool with not having to give the government $60,000.
An estimated $108 billion or more in student loans will be forgiven over the next 10 to 20 years, thanks to federal programs that help ease the financial burden for those attending higher education institutions. That figure is roughly one-third of the $352 billion in estimated loan volume U.S. students are expected to take out between 1995 to 2017, according to a Wednesday report from the Government Accountability Office.
The report, which criticized the Education Department for understating the cost of government debt relief programs, noted that another $29 billion in loans would be discharged. Congress approved the plans to relieve students’ debt burden by lowering the monthly payments by borrowers, and forgiving any unpaid loans after 10 to 20 years.
However, unfortunately, Reuters reports that the Trump administration could undo Obama-era student loan relief:
The U.S. Congress could as soon as January start to dismantle President Barack Obama‘s transformation of student loan rules by blocking freshly minted regulations designed to help students who say they were defrauded by for-profit colleges.
The new measures, which lay out loan relief procedures for the students, were issued by the Department of Education just days before the election. That is recent enough to allow the new Republican-led Congress to disapprove them under a 1996 law called the Congressional Review Act. It gives Congress 60 legislative days to reverse regulations with a simple vote.
Republicans opposed the rule when it was proposed. Lamar Alexander, who chairs the Senate committee on education, is considering introducing a resolution that would overturn the so-called “Borrower Defense” rule, according to a spokeswoman.
Even without a legislative reversal, president-elect Donald Trump, who ran on an anti-regulation platform and started his own for-profit school, could instruct agencies to be more restrictive in how they interpret this rule and others aimed at easing student loan burdens.
Looks like we’re going to have a ‘wait and see’ approach on this one. Trump is already waffling on some of his campaign promises (investigating Hillary, building the wall, abortion, etc.) so let’s just hope he waffles on this one too.