“I can’t afford my payments.”
“I got student-loan forgiveness!”
“I’m working toward Public Service Loan Forgiveness.”
In one month, over 400 student-loan borrowers shared their experiences of repayment and relief with me in a brief survey.
Each story was unique and touched on a range of themes, which will feed more in-depth stories on respondents’ experiences throughout the year.
As 2026 shapes up to be a year of turmoil for student-loan borrowers due to President Donald Trump’s repayment overhaul, I wanted to start by looking broadly at the main concerns on the minds of those who reached out.
Some borrowers told me that they achieved student-loan forgiveness or repaid their loans in full. However, the majority of respondents reported a range of concerns about the future of their balances, including worries about losing a key affordable repayment plan, struggling to get help from their servicers, being in default on their loans, and more.
Trump’s “big beautiful” spending legislation includes the elimination of existing income-driven repayment plans and replacing them with two less generous options. It also eliminates the SAVE plan, which promised affordable monthly payments with a shorter timeline to debt relief. Nearly half of the survey’s respondents said they’re enrolled in SAVE.
If you’re interested in sharing your student-loan story and having it highlighted in future coverage, fill out the survey here, and I’ll be in touch. Here are some of the main themes that student-loan borrowers have shared so far.
Do you have a student-loan story to share? Fill out this survey, or contact this reporter at [email protected].
Read more of our student-loan coverage here:
- The year of sweeping student-loan changes — with more to come
- ‘I’m bracing for an astronomical bill’: Student-loan borrowers on Trump axing their affordable payment plan
- How Trump’s big spending bill will overhaul repayment for millions of student-loan borrowers
Concerns with the elimination of the SAVE plan
On December 9, the Department of Education announced a proposed settlement with the state of Missouri to officially end the SAVE student-loan repayment plan, established by former President Joe Biden. A court has not yet approved the settlement. However, upon approval, the department would not enroll any new borrowers in SAVE, deny pending applications, and move all enrolled borrowers to existing repayment plans.
While the department intended to eliminate SAVE by 2028, the settlement accelerates the timeline and would push the 7 million enrolled borrowers into new repayment plans with higher payments sooner than anticipated. Some borrowers in the survey described SAVE as a lifeline for them, and they expressed concerns about their ability to afford higher monthly payments on a new plan.
“I’m bracing for an astronomical bill,” Brenda McCoy, a 60-year-old borrower on SAVE, told me.
The future of Public Service Loan Forgiveness
Some survey respondents said that they had their balances wiped out through the Public Service Loan Forgiveness program, which forgives student debt for government and nonprofit workers after 10 years of qualifying payments.
Over 60 respondents said that they’re pursuing PSLF, and while they’re at different stages, the majority said that they’re concerned about the future of the program. Trump’s Department of Education finalized a rule to limit eligibility for PSLF following a March executive order that directed the education secretary to redefine what “public service” means.
The new rule, set to go into effect in July, would exclude employers from PSLF who the department determines to have engaged in “illegal activities” that do not align with the administration’s views.
Respondents who are pursuing PSLF described feeling like a “pawn” and being “held hostage” due to the program’s uncertainty.
Facing default or delinquency
The consequences of default are also weighing on some borrowers’ minds. Beginning January 7, the Department of Education said it would start notifying about 1,000 borrowers in default that their wages will be garnished. It follows the resumption of collections on defaulted student loans in May 2025 after a five-year pause.
Over 5 million borrowers are in default, which typically occurs after a federal borrower hasn’t made payments in more than 270 days. Some borrowers in default said they’re expecting wage garnishment notices, while those who are not yet in default but are concerned about affording payments said they’re worried garnishments are in their future.
Borrowers in default described feeling “depressed” and “anxious” due to their repayment statuses.
Struggling with Parent PLUS loans
Parent PLUS loans allow parents to borrow up to the full cost of attendance for their kids’ education. It’s also facing changes in Trump’s spending legislation: the department is planning to impose a $65,000 lifetime borrowing limit per dependent student, which would limit parents’ ability to help finance their kids’ college experiences.
Some Parent PLUS borrowers said they’ve been struggling with repayment long before Trump’s proposed changes. For example, some are struggling to pay back the loans years after their kids graduated while balancing their own debt and expenses.
Parent borrowers described paying more than what they borrowed, with some saying taking out the loans was a “mistake.”
Navigating private and federal student loans
In addition to facing the changing federal student-loan landscape, some survey respondents reported balancing both federal and private student loans. Private student loans often have higher interest rates, and they’re not eligible for federal relief programs, such as PSLF.
However, some borrowers turn to the private lending market for additional financing, and the Department of Education’s new proposed caps on borrowing could lead more borrowers to turn to private student loans to help pay for programs that federal aid would no longer cover.
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