Former President Donald Trump could roll back Biden’s student loan relief policies, leading to higher payments and less debt cancellation.
Impact on Borrowers
A reversal could affect low- and middle-income borrowers who have benefited from current income-driven repayment (IDR) reforms. If Vice President Kamala Harris wins the 2024 election, she may continue and expand Biden's policies, potentially canceling additional student and medical debt, according to The Washington Post.
Potential Changes to SNAP Benefits
Trump may also reduce Supplemental Nutrition Assistance Program (SNAP) benefits by $30 billion annually, adding financial pressure on lower-income households, as noted by The New York Times.
Trump’s approach is expected to include broader fiscal policy shifts, such as tax cuts and reduced government spending.
