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This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.

As leaders in Washington look to overhaul the federal student loan system, a lot is up in the air.

The Trump administration is pushing to close the Department of Education, move the $1.6 trillion student loan portfolio elsewhere, and change how many of the current programs work. At the same time, the courts have blocked implementation of the newest income-driven payment plan, and lawmakers are weighing whether to repeal time-based forgiveness options.

If the uncertainty has you stressed, or you’re worried about affording your monthly payments, take heart. As fluid and confusing as the situation can be, you’re still in control of a lot. And you do have options. Here are five smart steps you can take right now.

1.   Save if you’re in SAVE. If you’re one of the millions of borrowers who enrolled in SAVE, the income-driven payment plan introduced in 2023 under the Biden administration, you’re in a holding pattern — an automatic interest-free forbearance period — while the courts decide if it’s legal.

   Mark Kantrowitz, an expert on student loans and financial aid, recommends that you use this time to save your money. An appeals court has already sided with the seven states who sued to stop SAVE. If it doesn’t survive and your payment formula changes, you’ll want to have a cash reserve ready. And chances are your monthly payment would go up — perhaps by hundreds of dollars — because other income-driven plans assume you can afford a bigger share of your income, according to Kantrowitz.

   Note: If you’ve been working toward qualifying for forgiveness under the Public Service Loan Forgiveness program, anything you pay while in forbearance under SAVE won’t count toward your required payments. So if you can afford the payments under a different plan where they do count — and you’re close to making enough payments — you might want to switch, Kantrowitz said.

2.   Ask for help if you’re struggling. Keeping up with your payments is all the more important now that the extra protections afforded over the last five years have ended. If you’re having trouble, reach out to your loan servicer or a financial planner to discuss your options. Falling behind risks damaging your credit score and making things worse.

   One option is to enroll in one of the government’s income-driven plans, if you haven’t already. These calculate your payment based on your income and family size, using varying formulas. (Use this Education Department loan simulator to compare.)

   An important caveat: The rules around these plans are in flux, so you should contact your servicer for the latest information. In addition, the processing of your application may be delayed because of the SAVE litigation. Once you’ve applied, you shouldn’t be required to make payments while you’re waiting, but interest will likely still accrue on your balance. Reach out to your servicer to confirm.

   You may also be eligible for deferment or forbearance, which will temporarily lower or waive your payments. Neither are good long-term solutions — in many cases interest will still accrue and your debt will increase. But they can be a short-term fix while you find a path forward, Kantrowitz said.

3.   Be proactive. One of the best ways to stay on top of developments is to log into both your Federal Student Aid and loan servicer accounts regularly. Check your payment amounts, due dates and total balance. If something looks off or you don’t understand your bill, call your servicer right away.

   Same thing with your credit reports. Check for errors that could impact your credit score. The last thing you want is a mistake — like a duplicate account that inflates your total debt — to hurt your chances of getting other loans. Use a free monitoring service (SoFi has one) to keep tabs on your score and avoid any surprises.

   “We’ve done a really bad job of making student loan repayment easy for borrowers from an administrative perspective, and right now is sort of the epitome of that,” said Beth Akers, a senior fellow at the conservative American Enterprise Institute who believes student loan safety nets have been too generous. “Borrowers need to take responsibility for making sure that they understand what’s going on with their loans.”

4.   Create a paper trail. With so much volatility, keeping good records is just as important as staying informed. The chances of a problem or misunderstanding are higher when there are both operational and rule changes. If your records are lost or you can’t access them online, you’ll want backup.

   Kantrowitz recommends that borrowers download details about interest rates, payment history, and balances in case there is ever a discrepancy.

   “Historically, during a transition — even from one servicer to another — there have been instances where data got lost or corrupted,” he said. Keeping your own records “allows you to have confidence that you have the correct information. And if something does change, you can prove it.”

5.   Evaluate your budget. Borrowers should be prepared for the Trump administration to roll back many of the accommodations the Biden administration initiated, Akers said.

   Keep close track of your monthly spending with a budgeting app like SoFi’s so you’ll be better ready for whatever comes next. If you need to cut back, set simple goals like cooking dinner six days a week instead of four or meeting your friends for a walk rather than drinks.

   And remember, missing payments can lead to serious consequences. If you end up defaulting on your loans, you’ll lose access to any future aid or forbearance options, and the government can garnish your wages.

   “Now is the time to get your ducks in a row,” Akers said. “The grace has been exhausted here.”

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

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