What the Trump Administration Is Saying
Under Secretary of Education Nicholas Kent said:
“For four years, the Biden Administration sought to unlawfully shift student loan debt onto American taxpayers, many of whom either never took out a loan to finance their postsecondary education or never even went to college themselves, simply for a political win to prop up a failing Administration.
The Trump Administration is righting this wrong and bringing an end to this deceptive scheme. The law is clear: if you take out a loan, you must pay it back. Thanks to the State of Missouri and other states fighting against this egregious federal overreach, American taxpayers can now rest assured they will no longer be forced to serve as collateral for illegal and irresponsible student loan policies.”
The Trump administration has revoked the plans implemented by the Biden administration
What the Proposed Changes Would Do
Under the new proposed plans, no new borrowers would be enrolled into the SAVE scheme, which saw some students have zero monthly payments.
The Hill reports that some seven million federal student loan borrowers are enrolled in the SAVE scheme, while a further 450,000 people have expressed interest in enrolling in the plan.
The settlement agreement discussed by the Trump administration is awaiting court approval.
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