Student Loan Forgiveness Survey: 3 in 5 Borrowers Are Concerned About President Trump’s Second Term

On his campaign trail, President Trump called Biden’s student loan forgiveness plans “vile.”

A new Debt.com survey of 500 student loan borrowers reveals what Trump’s second term means to them – and what they’re doing about it.

When asked, 3 in 5 (66%) said they’re concerned about it, but only 1 in 4 (25%) at most are taking proactive steps.

Here’s how they feel:

• Nervous – I’m barely making ends meet with repayments on pause: 39%
• Angry – I was starting to believe my loans would be forgiven: 31%
• Overwhelmed – I don’t know how much longer I can move money around to afford my student loan payments: 33%
• Defeated – I’m going to be in student loan debt for the rest of my life: 35%
• Optimistic – I believe Trump will create policies to help borrowers struggling with student loan debt: 8%

The proactive steps some are taking:

• Cut back spending to afford the full monthly payments: 25%
• Have taken on side gigs to afford repayment: 12% 
• Have “consulted a student loan solutions company: 7%

Despite their concern, 40% said they were never counting on forgiveness.

Are student loan borrowers concerned about Trump’s second term?

How do student loan borrowers feel about Trump’s second presidency?

How much debt do student loan borrowers currently have?

What percentage of student loan borrowers have applied for forgiveness?

What student loan forgiveness programs have most borrowers applied for?

What percentage of borrowers enrolled in SAVE took advantage of the interest benefit?

Are student loan borrowers preparing for probable student loan forgiveness policy changes?

Click here for full survey results

Do you currently owe money on federal student loans?
Yes	87%
No	13%

If yes, have you applied for any student loan forgiveness programs?
Yes	55%
No	45%

If yes, which forgiveness programs did you apply for?
Income-Driven Repayment Forgiveness	61%
Public Service Loan Forgiveness	41%
Teacher Loan Forgiveness	13%
Student Loan Forgiveness for Nurses	12%
SAVE	25%

If you signed up for SAVE, did you take advantage of the interest benefit?
Yes	43%
No	57%

Are you doing anything about the probable change in student forgiveness?
I’ve cut back on spending so I can afford my monthly payments	25%
I’ve taken on side gigs to afford my monthly payments	12%
I’ve consulted a student loan solutions company to cut my monthly payments	7%
I was never counting on forgiveness	40%
I can afford my monthly payments regardless	8%
I think Republicans will still pursue some form of forgiveness	8%

Are you concerned about what Trump’s second term means for your student loan balance?
Yes	66%
No	34%

If yes, how do you feel?
Nervous – I’m barely making ends meet with payments on pause	39%
Angry – I was starting to believe my loans would be forgiven	31%
Overwhelmed – I don’t know how much longer I afford my payments	33%
Defeated – I’m going to be in student loan debt for the rest of my life	35%
Overwhelmed – I don’t know how much longer I can afford my payments	8%
N/A	23%

How much student loan debt do you currently owe?
$0-$5,000	7%
$5,001-$10,000	14%
$10,001-$25,000	25%
$25,001-$45,000	25%
$50,001-$75,000	12%
$75,001-$100,000	9%
$100,000+	8%

Methodology: Debt.com: Do-It-Yourself Guidance plus Professional Debt Help surveyed 625 student loan borrowers, 541 of whom have Federal student loans on how they feel Trump’s second term in office will impact their repayment. People responded from all 50 states and Washington, DC, were aged 18 and older, and the population split is weighted against the US census. The survey was conducted on Jan. 8, 2025.