The 45th President of the U.S.A (Donald Trump) has been elected — now what? (asks the 44.2 million student loan holders)

It has been a grueling year in politics, and regardless of what side you are on, I think we can all agree that we are happy to see it come to an end. During the Democratic primary between Hillary and Bernie student loans were at the top of the list in their debates. However, as we moved to a Clinton vs. Trump battle, we seemed to have been slightly forgotten — in fact, it is likely that you may have missed their stance on the issues all together. So, now that we have a President Elect Donald Trump ready to take the office, here is what we should expect for our student loans…

Income-based repayment plans are likely here to stay, but will be wearing a slightly different outfit.

In the immediate transition of power, it looks like borrowers’ payment plans will not change too drastically. President Elect Donald Trump has proposed an income-based payment plan that looks quite similar to the one that is already set in motion by President Obama, but will be based on higher percentages and for a shorter period of time (12.5% of income for 15 years versus the current plan of 10% for 20 years). Experts believe that while this may benefit borrowers with high balances (graduate students with higher education levels) it will likely do very little for low-income borrowers.

The bad news, for those of you who work for a non-profit and are looking toward that 120th payment with hope for your loan forgiveness to kick in, is that Trump has expressed his interest in getting rid of public service loan forgiveness — um, say what?!? What this means for those of us who have already been working toward this forgiveness goal for several years? We will have to wait to find out …

If you are currently selecting your major, you may want to reconsider.

According to Sam Clovis, the Trump campaign’s co-chair, a Trump administration will move the role of lending from the government back to private banks. Clovis has expressed that colleges should not be admitting students that they are not certain will graduate and find jobs within a practical time frame, and therefore the decision of approving loans should be between not only the student and the college, but the banks as well. In fact, he stated that based on what the student chooses to study (which may determine their likelihood to get a high-paying job) will also be a factor in the loan-approval process, and degrees such as liberal arts would incur higher interest rates than computer programming, for example. Clovis went on to tell Inside Higher Ed, “If you are going to study 16th-century French art, more power to you. I support the arts, but you are not going to get a job.” (

Some CoinStash advice…

  • Do your best to not default. If you are having issues paying, call your loan provider and ask them to work with you (if you get an associate that says no, call back ten minutes later and try speaking with someone else — and yes, this actually works). It sounds to us like Trump may be implementing some new plans, and historically, new enrollment plans are harder to join once you have defaulted.
  • Pre-register to start paying off your student loans now at It is pretty obvious that there will not be any ground-breaking changes with a new administration, and unfortunately for us that means our loans are here to stay. Join CoinStash to start paying off your loans asap!