American student loan debt is sky-high, with some estimates putting the total number over $2.19 trillion—that’s higher than all U.S. credit card and auto loan debt combined. President Joe Biden and his administration made numerous attempts to alleviate the burden of student loans, including an executive action that would have canceled student loans for 43 million borrowers. But in the end, these efforts did not have the major impact many had hoped for. Instead, Biden took smaller steps that eventually helped over 5 million Americans trim their student debt. In the waning days of his presidency, borrowers with disabilities, who attended schools that cheated and defrauded their students, and public service workers had their loans forgiven. In total, over $183 billion in relief was provided. “Since Day One of my administration, I promised to ensure higher-education is a ticket to the middle class, not a barrier to opportunity, and I’m proud to say we have forgiven more student loan debt than any other administration in history,” Biden said in a press release.

Today, borrowers are staring down a new administration with an avowed populist agenda—things like cancelling the tax on tips and reducing the price of eggs. But few expect the Trump administration to be very forgiving when it comes to college students and their six-figure loan balances. It’s still early, but President Donald Trump has hinted at cancelling the Public Service Loan Forgiveness program or even the entire Department of Education. “We are concerned about ways that there could be a deconstruction of the ability for the Department of Ed to do its work, including the administration of the Title IV programs, including student loans,” says Yolanda Watson Spiva, president of Complete College America. While the possibilities could be monumental, experts say borrowers do not need to sound the alarm bells yet since uncertainty remains. Here’s what borrowers need to know—and do right now. It’s not time to panic about student debt issues—yet When it comes to loans, students and borrowers shouldn’t panic yet, says Betsy Mayotte, president of The Institute of Student Loan Advisors, an organization that provides free student loan advice to borrowers. While many borrowers are worried about potential changes, it is still early in the new administration, and little to no guidance has been provided, she adds. If the Department of Education is dismantled, which Mayotte and Watson Spiva both say is unlikely since it would require an act of Congress, current federal student loans won’t be majorly impacted. Loans would just transfer hands, and the terms and conditions would not change. see complete article HERE