How the Trump Administration May Reform Student Loans

With more than 44 million student loan borrowers in some stage of repayment, there’s a considerable amount of interest in the Trump administration’s higher education policies.

The White House announced two months ago its plan to combine the Department of Education and the Department of Labor to form the Department of Education and the Workforce. The proposed merger is in line with Trump’s campaign commitment to focus on career and technical education.

This proposal sparked interest in what may be in store for student borrowers. While there’s some uncertainty regarding what will take shape, the Student Loan Ranger is here to help you understand where things stand on the policy front.

Let’s start with policy that has already become law since President Donald Trump took office. The Tax Cuts and Jobs Act of 2017 went into effect on Jan. 1, 2018. The new law eliminated taxes on the settled portion of federal student loan debt in situations where the balance was forgiven due to a total and permanent disability, known as TPD, or death. Previously, student loan borrowers who were eligible for a TPD discharge had to pay federal taxes on forgiven loans.

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Seniors, too, are drowning in student loan debt

It’s not just millennials and recent college graduates drowning in student loans anymore, a good portion of seniors in their 60s are now too.

According to a new report by The Wall Street Journal, Americans in the 60 plus age group owe more than $86 billion in student loan debt.

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Student Loan Flow Charts

Student Loan Flow Charts

Use these charts to help you understand student loan options and processes. Read more

Student Loan Primer

Student Loan Primer

This primer is intended to provide you with an introduction to the subject matter, and does not provide legal advice. The document contains hypertext links to websites created and maintained by other organizations. These links are provided for your convenience, and are not intended to endorse any views expressed on the outside sites, or endorse any particular products, services or organizations. We do not control or guarantee the accuracy, relevance, timeliness, or completeness of the information provided. Student loan programs do change periodically, so be sure to check with the original source for more current information.

Student Loan Debt: Free Financial Literacy Counseling

Student Loan Debt: Free Financial Literacy Counseling

South Carolina Legal Services Partners with American Student Assistance to Tackle Student Debt

SALT Program Will Provide Free Financial Literacy Counseling

Columbia, S.C. – May 7, 2015 – South Carolina Legal Services (SCLS) has partnered with SALT®, a leading financial education program created by the nonprofit American Student Assistance®, to offer free guidance to South Carolina residents in financial distress, especially those unable to discharge student debt through bankruptcy. The new partnership will be discussed as part of the 2015 Annual South Carolina Bankruptcy Attorney Conference beginning May 8th.

“We believe this innovative partnership can be a national model in our fight against the burden of student debt,” said Andrea Loney, Executive Director of South Carolina Legal Services. “We have witnessed firsthand how student debt has become a roadblock to progress for so many. The financial literacy counseling provided by SALT is critical to ensuring those struggling with debt have the tools to succeed.” Read more