Student loans to go to Treasury Department
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More than half a million federal student loan borrowers remain in a backlog of applications for an affordable repayment plan, a court filing revealed.
In an ominous sign for student loan borrowers, the Education Department published new data indicating that backlogs for repayment plans and loan forgiveness are ongoing.
A federal judge approved an agreement this week to phase out the Saving on a Valuable Education, or SAVE, Plan. The move could affect millions of borrowers.
Some types of student loan forgiveness will be taxed again after five years of being tax-free. The change will impact borrowers in income-driven repayment plans who have their debts canceled as a result of making a certain number of qualifying monthly payments.
President Trump signed an executive order for changes to the PSLF program in March 2025. They impact who qualifies for forgiveness and go into effect July 1, 2026.
Federal appeals court officially ends Biden's SAVE student loan plan, reportedly impacting 7 million borrowers who must now seek alternative repayment options.
The Treasury Department will take over the collection of defaulted federal student loan debt, and will support efforts to bring borrowers back into repayment.
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