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Student Loan Planner
Will Trump and Musk End the Department of Education?
Feb 11, 2025
Could the disappearance of the Department of Education shake up your student loans? Discover how changes to programs like Public Service Loan Forgiveness and Income-Driven Repayment could impact borrowers. Get pro tips on managing your finances in uncertain times, including strategies for tax filing and when to consider refinancing. The discussion also touches on how political shifts might reshape loan policies and the importance of understanding debt-to-income ratios.
22:16
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Quick takeaways
- Potential changes to the Department of Education could lead to tighter regulations on income-driven repayment and Public Service Loan Forgiveness, significantly affecting borrowers.
- Speculation suggests that future executive actions may reshape student loan policies, emphasizing the need for borrowers to understand income reporting requirements and prepare financially.
Deep dives
Potential Changes to the Department of Education
The possibility of significant changes to the Department of Education is examined, particularly if influential figures like President Trump and Elon Musk were to collaborate in eliminating the department. Unlike agencies such as USAID or the CFPB, the Department of Education has a substantial workforce and established functions, making it less likely that it could be entirely dismantled. Instead, major changes could involve tightening regulations or shifting responsibilities to other governmental bodies, which would significantly impact education funding and policy enforcement. For instance, potential actions could include re-evaluating student loan programs, although certain non-negotiable elements within existing statutes would remain intact.
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Discover
highlights
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