Anyone else somewhat worried in regards to PSLF and upcoming election?

[annoyedpsychiatrist]

Down to three years left of pslf for >300k, so for me its obviously a game changer. Under biden they definitely have revamped PSLF and people are now obviously having great success with this. I know when trump was president he tried to do away with it, but I also realize that ultimately his plan would do away with new borrowers, not people already in the program. Still cant help but worry a bit, as he could always make it harder for it to go through. He also wanted to raise the amount from 10-->12.5% for loan repayment so I would be paying extra every year if that passes. Im keeping an optimistic mindset but anyone else worried? It seems unlikely he would do away with it for existing people on PSLF but, still concerning.

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[littlefred]

Least of my worries if Biden doesn't get re-elected to be honest with you.

 

[voxveritatisetlucis]

Isn’t PSLF in the promissory note, with the terms specified?

SAVE though is probably already gone

 

[annoyedpsychiatrist]

Isn’t PSLF in the promissory note, with the terms specified?

SAVE though is probably already gone

it is, so hopefully that holds true. But before biden, look at how often PSLF actually went through for people who should have qualified. So hopefully we dont go back to those days. But yeah i know he would likely get rid of SAVE, which doesnt influence me too much but hed raise the payment to 12.5 under his repayment plan which would likely be difficult for a lot of people.

Least of my worries if Biden doesn't get re-elected to be honest with you.

even if he does win, hell be president for four years and then thats it at least. Then hell have to fizzle out eventually and his hardcore supporters will have to find a new idealized replacement. Then perhaps we can start electing younger people.

 

[AcronymAllergy]

There's always a risk with government-funded loan forgiveness programs. That said, I'd be pretty surprised if any changes didn't initially, or ultimately weren't required to, grandfather in current loan holders. As you've said, I think the more likely possibility for current PSLF participants is that repayment plan terms could be changed. Unlike changes to Social Security or Medicare, making changes to loan repayment isn't quite as universally decried for politicians.

All that being said, if I were banking on PSLF and were only a few years away, my level of worry (for that specifically) right now would be about 3/10.

 

[comp1]

Even the fever dreamed Project 2025 doesn't talk about ending PSLF. It even comments on it positively in comparison to general loan forgiveness.

 

[calvinhobbes]

There are tons of republican doctors and lawyers out there who still stand to benefit from PSLF, PSLF is safe , trump can’t end it, it would require congress to end it, and congress is the one who passed it in 2007.

 

[Mad Jack]

PSLF is in the promissory note. It would be unlawful for them to change it for current borrowers, but they could end it for new borrowers

 

[Techmed07]

I wouldn’t depend on the government for anything

 

[comp1]

The government determines what is lawful. That said, PSLF is not a meaningful amount of money in government terms, so I don't anticipate any changes in this in specific regardless of the administration.