Many Feel “Nervous” and “Overwhelmed” as SAVE Repayments Resume in April
FORT LAUDERDALE, Fla., Feb. 26, 2025 /PRNewswire/ — As President Donald Trump starts his second term, millions of student loan borrowers are bracing for what’s next. A new Debt.com survey of over 500 student loan borrowers reveals deep concerns about the future of student loan forgiveness and repayment policies.
Key Findings: A Nation on Edge Over Student Debt
A Debt.com survey of 500 student loan borrowers reveals what Trump’s second term means to them – and what they’re doing about it. When asked, 66% said they’re concerned about their student loan payments, but only 1 in 4 have taken proactive steps like cutting back spending, taking on side gigs, or consulting a student loan solutions company.
When asked, “Are you concerned about what Trump’s second term means to your student loan balance?” a staggering 66% said “yes.”
Here’s how borrowers feel:
- 39% say they are nervous—barely making ends meet even while payments have been paused.
- 33% describe themselves as overwhelmed, struggling to move money around to afford repayments.
- 8% are optimistic, thinking Trump will create policies to help struggling borrowers.
Howard Dvorkin, CPA and chairman of Debt.com, urges borrowers to focus on what they can control rather than waiting for political solutions.
“Borrowers need to prepare now. Waiting for Washington to solve their financial problems is risky,” says Dvorkin. “Cut spending where you can, explore repayment plans, and seek expert advice. The sooner you take control of your student loans, the better your financial future will be—no matter who’s in office.”
Reality Check: Few Have Taken Proactive Steps
While many borrowers fear upcoming policy shifts, few have taken steps to prepare:
- 25% have cut back on spending to afford their full monthly payments.
- 12% have taken on side gigs to help cover student loan costs.
- 7% have consulted a student loan solutions company for expert guidance.
More Than Half Have Applied for Student Loan Forgiveness
While the future of federal forgiveness programs remains uncertain under Trump’s presidency, 55% of borrowers have already applied for some form of student loan relief, including:
- Income-driven repayment forgiveness (61%)
- Public Service Loan Forgiveness (41%)
- SAVE program (25%)
- Teacher Loan Forgiveness (13%)
- Student Loan Forgiveness for Nurses (12%)
Debt.com is helping borrowers navigate student loan repayment by providing expert insights, budgeting tools, and debt solutions. Borrowers can find resources and expert guidance at Debt.com.
About Debt.com: A leading provider of financial education and debt relief solutions, helping Americans find the path to financial stability. Through expert guidance, education, and personalized counseling, Debt.com empowers people to tackle debt challenges and build a brighter future.
SOURCE Debt.com
