Trump vs Biden: Which one has the better student loan policy?
The 2020 election is upon us, and even if you don’t like talking politics, you should at least know what the candidates want to do about your student loans. Here’s the breakdown:
Trump’s Student Loan Plan:
- Proposed repealing the Public Service Loan Forgiveness program
- Proposed eliminating subsidized loans, which don’t accrue interest during a grace period and are offered to low-income students
- Outlined a funding cut of 10% to the Department of Education in the 2020 budget plan
- Discussed a single income-driven repayment plan to replace the current plans, such as Income-Based Repayment and Pay As You Earn
Biden’s Student Loan Plan:
- Offers two years of tuition-free community college to students, both full-time and part-time, including DREAMers
- Immediately forgive at least $10,000 in student loans for every borrower
- Loan forgiveness for families making less than $125,000 per year
- Supports making public colleges and universities tuition-free for students from families who make under $125,000
Reminder: Each candidate’s proposals may or may not happen. Those that are passed could evolve significantly between now and then.
If you are still unsure about which candidate has the best offer and want a plan now, we have a free personalized loan repayment plan for you. Sign up here.