Donald Trump’s student loan forgiveness plan could provide real benefit to you if (a) he makes good on his promise, and (b) you have the right kind of student loan repayment plan. One big benefit would be that you could save a lot of money and your loan would be forgiven sooner. One potential downside is that your payments would be higher.
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Today, the standard federal student loan forgiveness program period is 10 years. For the borrowers who aren’t able to afford their monthly payments under the 10-year plan, the federal government has created income-driven repayment plans to help make student loan payments more affordable under the Federal Student Loan Forgiveness program.
There is no guarantee that president Donald Trump will keep the federal student loan forgiveness program. He has yet to comment on the status of student loans, but we are sure it is on his radar. If you ever feel your for-profit university cheated you into taking out expensive student loans, right now is the best time to apply.
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