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 1. Home
 2. Personal-finance
 3. Credit-debt
 4. Loans
 5. Student-loans


WHAT THE ELECTION COULD MEAN FOR STUDENT LOANS: HARRIS VS TRUMP

As the presidential election heats up, here’s a closer look at each candidate’s
plans to address student loans.

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(Image credit: Getty Images)

By Erin Bendig
published 11 September 2024
in Features

As the 2024 presidential election nears, the fate of student loan forgiveness is
at the forefront of many borrowers' minds, particularly as Vice President Harris
and former President Trump have such wildly differing viewpoints. In the first
half of this year, federal student loan debt increased by $17.9 billion,
bringing total student loan debt in the United States to over $1.75 trillion.



Approximately 43 million Americans have student loan debt as of 2023, with
borrowers owing $37,853 on average in federal student loans, according to the
Education Data Initiative. And college is only getting more expensive. Between
2000 and 2021, average tuition and fees jumped by 65%, to $14,307 per year from
$8,661, according to BestColleges.com. Not to mention the impact of rising
interest rates on student loans — 6.53% for the 2024–2025 academic year, the
highest rate since 2007–2008.



Student loan forgiveness has become an increasingly hot topic over the last
several years, as legal battles over debt relief initiatives continue and leave
millions of borrowers in limbo. 


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In 2023, Biden’s plan for widespread student loan forgiveness, which would
forgive up to $10,000 of student loan debt for eligible borrowers, was struck
down by the Supreme Court. In August 2024, the administration’s Saving on a
Valuable Education (SAVE) repayment plan was temporarily blocked by the court,
and on September 5th, U.S. District Judge James Randal Hall issued
an order blocking the Biden administration’s latest student loan forgiveness
plan, which would have provided debt relief to over 30 million Americans.

One study from Bankrate found that nearly 1 in 5 Americans say student loan debt
will have a major influence on their vote in the 2024 presidential election.
Considering each candidate has very different ideas on how student loans should
be handled, many borrowers are anxious to learn how the election will impact
them.



Here’s a closer look at each candidate’s plans regarding student loan debt.




HARRIS ON STUDENT LOANS



(Image credit: Getty Images)

The Biden-Harris Administration has implemented several aid programs that have
contributed to total debt relief, despite strong opposition. And if Kamala
Harris becomes president, she will build on these policies, working to provide
widespread student debt relief for millions of borrowers by expanding programs
like income-driven repayment plans and Public Service Loan Forgiveness.

“We see a future where every student has the support and the resources they need
to thrive,” Harris stated in a speech made in July. “And a future where no
teacher has to struggle with the burden of student loan debt.” She noted that
the Biden-Harris administration has forgiven student loan debt for nearly five
million Americans. Nearly $160 billion in federal student loan debt has been
forgiven since Biden took office, according to the U.S. Department of Education.

The administration's efforts have been focused on targeting areas for
forgiveness for borrowers who are most in need, Stacey MacPhetres, senior
director of education finance for EdAssist by Bright Horizons told Kiplinger.
Borrowers most in need have included those facing financial hardship, holding
balances greater than the initial amount borrowed due to accrued interest, those
who are eligible for forgiveness but have not yet applied, those who have been
in repayment for 20 years and borrowers who attended institutions that show low
financial value. 

Here’s a closer look at various loan forgiveness programs Harris will likely
continue expanding if she takes office.

 * Borrower Defense loan discharge: If your college misrepresented details that
   led you to enroll there, you may have grounds to apply for borrower defense
   loan discharge. The administration says this has led to the discharge of over
   $28 billion in debt for 1.6 million borrowers.  
 * Income-Driven Repayment plans: These plans base your monthly student loan
   payment amount on your income and family size. There are four plans — the Pay
   As You Earn (PAYE) repayment plan, the Income-Based Repayment (IBR) plan, the
   Income-Contingent Repayment (ICR) plan, and the Saving on a Valuable
   Education (SAVE) repayment plan.
 * Public Service Loan Forgiveness (PSLF): This program forgives federal student
   loans of borrowers employed by the government or certain non-profit
   organizations after ten years of on-time payments or 120 qualifying monthly
   payments. These efforts have reportedly led to the forgiveness of over $62
   billion in student loan debt.
 * Total and Permanent Disability (TPD) discharge: More than half a million
   borrowers with disabilities have received over $14 billion in relief through
   the Total and Permanent Disability Discharge program, according to the White
   House. 

"The Harris campaign would be trying to extend the same types of programs and
maybe repackage those in a way that they can get those through either Congress
or get them through the court system without being struck down," said Shane
Cummings, Wealth Advisor & Director of Technology/Cybersecurity at Halbert
Hargrove.


TRUMP ON STUDENT LOANS



(Image credit: Getty Images)

Trump stands firmly in opposition to student loan forgiveness. If he becomes
president, his efforts will likely be focused towards getting student loan
forgiveness programs enacted by the Biden administration repealed or restricted.

During Trump's presidency, he proposed significant cuts to student aid programs,
and called for the elimination of Public Service Loan Forgiveness (PSLF),
Federal Supplemental Educational Opportunity Grant (FSEOG) programs and
subsidized federal student loans.

And while Trump has made no statements regarding his specific plans to revoke
student loan forgiveness initiatives if elected president, he is very vocal
about how he views these initiatives. He has referred to Biden’s plans to cancel
student loan debt as "not legal" and “vile.”

"He got rebuked, and then he did it again,” Trump stated at one of his rallies
back in June, referring to the Biden administration's 2023 attempt at widespread
student loan forgiveness that was shut down by the Supreme Court. “It’s going to
get rebuked again even moreso.”

In the September 10th presidential debate with Kamala Harris, Trump stated, as
per Politico: "They didn't even come close to getting student loans. They
taunted young people and a lot of other people that had loans, they can never
get this approved.”

Kimberly Weihbrecht, CSLP®, Senior Associate at Fearless Finance tells Kiplinger
that although the Trump administration would likely try to repeal programs like
SAVE, PSLF and income-driven repayment, "big rollbacks like this would be
difficult to do via regulations for the same reason SAVE is struggling now.
Regulation-based programs are more likely to get contested in court and
potentially struck down."

Ultimately, whether or not loan relief programs are actually repealed during a
Trump presidency could heavily depend on whether or not there is a Republican
majority in Congress. A set of conservative policy proposals developed by The
Heritage Foundation, called Project 2025, calls for significant changes to how
student loans are managed, including the phasing out of existing income-driven
repayment (IDR) plans. And while Trump has tried to distance himself from the
project, according to Reuters, many of his closest policy advisers and those
likely to take high-ranking positions in his administration are heavily involved
in the project.


BOTTOM LINE

Ultimately, it's still too early to determine exactly how the election will
impact student loans. And because of the uncertainty of whether or not loans
will be forgiven, it's difficult for many borrowers to make long-term plans
concerning their debt, according to Cummings. This is why he advises borrowers
to focus on repayment and plan conservatively.

For borrowers who are struggling to meet loan obligations, MacPhetres urges them
to communicate with their loan services to review any repayment options or
hardship opportunities available.


RELATED CONTENT

 * A Look at Kamala Harris's Tax Plans Ahead of the Election
 * Kamala Harris Calls for 28% Capital Gains Tax, Diverging from Biden's Higher
   Rate
 * Should Paying Off Student Loans Be a Priority? What to Consider





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Erin Bendig
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Personal Finance Writer

Erin pairs personal experience with research and is passionate about sharing
personal finance advice with others. Previously, she was a freelancer focusing
on the credit card side of finance, but has branched out since then to cover
other aspects of personal finance. Erin is well-versed in traditional media with
reporting, interviewing and research, as well as using graphic design and video
and audio storytelling to share with her readers.





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