The election results will likely bring some important changes to student loans. 

Let's address the main questions people are asking right now:

What will happen with SAVE?

• SAVE will likely go away, but the timing is uncertain. IBR might become the only option for income-driven repayment, but we'll have to wait and see what the courts say in the next few months.

• Payments on IBR are usually about $100+ more monthly than SAVE payments.

Will PSLF be repealed?

• This is also an extremely popular program, so it's highly doubtful. Congress would need 60 votes in the Senate to do that.

Does this change my student loan plan?

• If you qualified for forgiveness before the election, you probably still do unless you were an undergrad-only borrower.

• If you were on SAVE, we likely need to switch your repayment plan to IBR. When to do that depends on your situation.

Now, here's some advice on steps borrowers might want to consider right now:

If you are going to PSLF

• If you are currently on SAVE, I recommend making sure you're earning PSLF credit by going to studentaid.gov/idr and applying for IBR.

• If you applied for SAVE but did not get put on it before it was suspended, I would get out of forbearance (which means you are paying interest) by going to studentaid.gov/idr and applying for IBR.

If you had/have Parent Plus Loans

• The double consolidation strategy remains in place until at least July 2025, letting you access IBR with similar benefits to SAVE.

• I recommend doing so immediately if you need to start double consolidating.

• If you're working toward long-term loan forgiveness and on SAVE forbearance (meaning $0 payment and 0% interest), I would stay on the SAVE forbearance and see how the court cases are decided.

• If you applied for SAVE but did not get put on it before it was suspended, I would get out of forbearance (paying interest) by going to studentaid.gov/idr and applying for IBR. If the online application does not let you sign up for IBR, you might need to submit a paper application since you are a former Parent Plus borrower.

If you're on PAYE

• Stick with it for now, but keep an eye on developments with the SAVE plan's legal challenges. If PAYE were overturned, people might need to switch to IBR, but that's just a "what if" for now.

Do we need to file taxes separately?

• It depends, but your filing status may matter more now than before.

Here's what we know: changes written into law are here to stay, but those made through executive orders could change. If history tells us anything, we'll likely see some big ideas proposed, but remember, any major change would still need 60 Senate votes to pass. We could be in for surprises in student loan policies over the next four years, but I'm here to help.