Good News Everyone! Trump's Debt Star is Aimed at Your Wallet!

A Grim Forecast for Your Financial Future

Good news everyone! Or rather terrible news but I'm contractually obligated to start with 'Good news!' Apparently this Trump fella – not to be confused with the delicious fish – is shaking things up with student loan forgiveness. Under the previous more sensible Biden administration they were handing out debt relief like candy on Halloween but now? It's like trying to get a decent cup of coffee in Omicron Persei 8 – nearly impossible! He's signed an executive order that appears to be aimed at limiting the Public Service Loan Forgiveness program or PSLF which could affect those who work in public service. Oh dear oh dear the world is turning into one of my badly thought out inventions!

The SAVE Plan is Headed for the Black Hole!

That lovely plan they called SAVE which stood for Saving on a Valuable Education (what a clever acronym!) is likely doomed. Experts (yes even those less brilliant than myself) say it's not expected to survive under Trump. Some legal eagles already slapped a restraining order on it. They're dismantling debt relief faster than I can say 'WERNSTROM!' It appears this SAVE plan will be flushed down the toilet along with any hope for lower monthly payments and quicker debt erasure. Why must my brilliant colleagues always be foiled by bureaucracy!

Despair Not! (Maybe)

Hold onto your hats because there's a sliver of hope albeit a tiny microscopic Bender sized sliver. The Income Based Repayment (IBR) plan is still kicking for now. If you were enrolled in ICR or PAYE and switch to IBR those previous payments might count towards forgiveness. It's like finding a slightly used brain slug – not ideal but better than nothing! But remember the road to loan forgiveness is paved with paperwork and the ever present dread that the universe is a cold uncaring void. Or in this case Washington D.C.!

PSLF: Still Kicking For Now!

Despite Trump's best efforts to turn the PSLF program into a pile of omicronian dung it's still kicking. Any changes would take ages to materialize and might even need those pesky politicians in Congress to agree. So if you're a not for profit or government employee there is still a chance to have your loans forgiven after 10 years. Huzzah! (But also keep a watchful eye on the skies... and Washington.) It can't be retroactive so get those payment histories printed out like it's the last pizza on Earth. Because frankly it may be. If you find you're still stuck with student loans after all this you may need to deliver packages for Planet Express to earn money to pay them off. Just avoid black holes okay?

Targeting Diversity

The executive order is vague and will probably target immigrants transgender people and diversity programs. Many non profits work in those spaces providing legal support. For now those pursuing PSLF should print out payment history and make sure they have it saved for future reference. Keep a record of qualifying payments made so far so you have info when needed. I urge borrowers to save all documentation of their payments to ensure they have any information that might be useful in the future.

Other Avenues for Freedom From Debt

Don't give up hope my little Calculons! There's still the Teacher Loan Forgiveness program which offers up to $17,500 in loan cancellation for teaching in low income schools. And if your school closed or misled you there's Borrower Defense. Plus if you're totally and permanently disabled you might qualify for a discharge. And if all else fails there are state level relief programs. Do your research people! It's like trying to invent a universal translator – difficult but potentially rewarding. Now if you'll excuse me I have to go yell at a nebula. WERNSTROM!