The recent changes to student loan policies have left many borrowers in a tough spot. Nearly 43 million Americans with federal student loan debt are now facing a significant increase in their monthly payments.

This change comes as a result of the Trump administration's overhaul of the education system. The administration has closed applications for all income-driven repayment plans and limited eligibility for public service loan forgiveness (PSLF). This program was designed to forgive loans for government and select nonprofit workers after 10 years of service and payments.

The impact of these changes is felt deeply by many. Take Jordan, a public high-school English teacher in Redding, California, for example. He and his wife, who also works in public education, have a combined $200, 000 in student loans. With a new mortgage and childcare costs exceeding $15, 000 on a teacher’s salary, the couple is already stretched thin. The thought of higher student loan payments adds to their financial strain.

Jordan is not alone in his concerns. Aaron, a pharmacist in Ohio, has taken on a second job to prepare for the higher monthly payments. He took out around $180, 000 in loans to cover pharmacy school tuition and living expenses. With the Save plan and PSLF, he expected to pay $700 a month and have his loan forgiven after 10 years. Without an income-driven repayment plan, he fears a possible monthly payment of $1, 800 for the next 30 years.

The situation is even more dire for Reina Chilton-Mayer, a homemaker and caregiver for her disabled teenage son. Despite her husband having a master’s degree and a stable income, the unstable rental market and cost of caretaking have left them with few choices. They are considering defaulting on their $140, 000 worth of student loans for the first time.

Ebrahim Ghazali, the chief of pediatrics at a clinic in Springfield, Massachusetts, has just one year left of payments until the rest of his loans would be forgiven under PSLF. The recent changes have paused his payments and left him unsure about the future of his debt.

The changes have sparked criticism from advocates for student borrowers. They argue that borrowers have a right to make payments based on their income and to have their debt canceled if they work in public service. These rights, they say, have been shut down by the current administration.

The future of student loan policies remains uncertain. As the potential shuttering of the department of education looms, borrowers are left to navigate the new landscape of student loan repayment. The worst things that could happen are already happening right now, and we don’t need to wait for the education department to shuffle the deck chairs around on the Titanic.

Student Loans: The New Math

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