The future of student loan forgiveness and repayment programs could depend on whoever wins the presidency this November.
Vice President Kamala Harris and former President Donald Trump have laid out disparate visions for federal student loan programs. Since the Department of Education is part of the executive branch, thepresident has significant sway over what happens with student loans. If you're one of the 43 million borrowers with student loan debt, the direction of student loan programs could hinge on which candidate wins the White House.
Currently, two major forgiveness programs remain on hold, pending legal resolutions. The Biden administration's cost-limiting student loan repayment plan, the Saving on a Valuable Education, or SAVE, is on hold after review by federal and appeals courts. That leaves many borrowers in limbo, placing their loans in an interest-free forbearance. The administration's other major step toward broad loan forgiveness, referred to as "Plan B" by experts, has been blocked by a federal court before it could even be finalized.
Neither program's fate is likely to be resolved before the election, so voters will go to the polls on Nov. 5 with a lot of questions up in the air. Here's what either a Harris or Trump administration could mean for student loans -- and how elections in the Senate and House of Representatives might play a role.
What a Kamala Harris presidency could mean for student loans
The vice president has been a proponent of student loan forgiveness as part of the Biden administration. As president, experts expect Harris would continue the Justice Department's defense of the SAVE plan and continue to implement Biden-era programs.
"This is what Democrats want because it establishes a sharp contrast between Democrats and Republicans [going into the election]," said Mark Kantrowitz, a financial aid expert and CNET Money expert review board member.
Despite the legal setbacks the Biden administration has faced when implementing new debt relief programs, Kantrowtiz expects a Harris presidency to continue fighting for more forgiveness opportunities.
What a second Donald Trump term could mean for student loans
The fate of student loan repayment under a second Trump term is less predictable.
"Historically, Republicans have opposed forgiveness of all kinds," said Kantrowitz.
Under the previous Trump administration, the Department of Education eliminated some Obama-era borrower protections, proposed endingPublic Service Loan Forgiveness and proposed a new income-driven repayment plan that would have raised payments from the existing 10% to 12.5% of a borrower's discretionary income.
Experts don't expect a Trump-led DOJ to continue defending the SAVE plan. If the courts finalize their verdicts and decide SAVE is not legal, borrowers may be moved to a different income-driven repayment plan. Experts also say that a Trump Department of Education is also not likely to implement the "Plan B" rules for forgiveness if they're still in limbo by Jan. 20 -- when the next president is sworn into office.
What about Project 2025?
One of the biggest question marks about a potential Trump administration is whether student loan borrowers can expect any proposals from Project 2025, a playbook advertised as a plan to create an effective conservative administration.
Trump publicly denies having anything to do with Project 2025, most recently during the Sep. 10 debate. However, experts say that the proposals outlined in Project 2025 or similar policies could come to fruition during a Trump presidency.
"It wasn't created by Trump, but many of his former staff were involved," said Kantrowitz. "And there seems to be great alignment with his policies and proposals."
The conservative blueprint proposes sweeping changes to student loan programs, including ending PSLF and other forgiveness plans, canceling SAVE, ending the PLUS loan programs for parents and graduate students, privatizing student loans, moving student loan management to the Treasury department and eliminating the Department of Education altogether.
If Project 2025 proposals were implemented, experts are uncertain how quickly or effectively these changes could happen. Experts also point out that borrowers currently benefiting from repayment and forgiveness programs likely wouldn't lose them.
"In the past, when programs have been phased out, nothing is usually retroactively taken away," said Elaine Rubin, a student loan and policy expert with Edvisors.
Rubin suggests borrowers working toward forgiveness in an existing program should take steps to document their intent to take advantage of the program, such as contacting their loan servicer and submitting the PSLF employment certification form.
The US Senate and the House will also play a role
Regardless of who wins the White House, the future of student loan programs could still be influenced by elections in the US Senate and House.
Eliminating some programs, such as PSLF, requires action from Congress, so a Trump administration would likely need a Republican majority in the House and a filibuster-proof two-thirds majority in the Senate to make this happen. The same would be true if the legislature wanted to attempt to block the broader forgiveness rules if a Harris administration were to implement them.
Eliminating departments or moving student loans under a new department are highly complex moves that would also require buy-in from Congress. Experts said that it seems unlikely that this could be fully accomplished in the next term.
What can students and parents do now to prepare?
If you're in repayment or planning to borrow student loans, experts have a few tips to weather the uncertainty.
Rubin suggests preparing for the worst-case scenario. While the SAVE plan is paused, you can use StudentAid.gov's online loan simulators to see what your monthly payments would be under different repayment plans and prepare your finances accordingly.
Rubin warns against making borrowing decisions based on anticipated forgiveness, regardless of who wins in November.
"As we've seen, it's not that easy for a mass forgiveness program to be implemented and approved," she said. If you plan on taking out new student loans, you should be prepared to repay them in full, she advised.
Both experts caution that any new initiatives or changes will take time to implement, so there's no need for panic or drastic moves. Borrowers should pay attention to correspondence from their servicers and the Department of Education to stay apprised of plan changes.
Wherever you land on the topic, Rubin stresses the importance of voting.
"I want to urge the students who this will impact to go out there and vote for their candidate," she said.
Read more: These Student Loan Benefits Expire in 2 Days. Here's What Borrowers Should Do Now