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The millions of Americans with federal student loan debt have endured some serious whiplash over the last few years.

Between a three-year break from monthly payment requirements, former President Joe Biden’s mixed success expanding loan relief and forgiveness, and the re-election of President Donald Trump, there have been a lot of twists and turns since the 2020 pandemic.

But 2025 marks more than just another momentum shift: With Trump and a newly fortified Republican party in charge in Washington, the era of leniency for student loan borrowers is over.

Not only are Trump and his fellow Republicans in Congress likely to unwind many Biden-era expansions, but they could look to limit or end programs and aspects of the federal student loan system that pre-date Biden’s time in office, according to Politico and other news outlets.

This may include loan cancellation options for borrowers who go to a school accused of misconduct, a provision that lets those with subsidized loans avoid paying interest while they’re still in college, and the Public Service Loan Forgiveness program — which was enacted during the George W. Bush presidency and dismisses loan balances for public servants like teachers and doctors after they’ve paid for 10 years.

The Trump administration has yet to spell out its plans for the federal student loan system, so nothing is certain. But even Biden acknowledged the coming change in the wind, withdrawing notice of proposed rule changes for his “Plan B” attempt at widespread student loan forgiveness just before leaving office. (“Plan A” was struck down by the Supreme Court in 2023 after being challenged by Republican opponents.)

For his part, Biden made student loan forgiveness and other forms of borrower support central to his presidential agenda, arguing that the $1.7 trillion in collective federal student debt — averaging almost $38,000 per borrower, according to one analysis — is overwhelming many Americans. And his administration did wipe out almost $190 billion in debt for targeted groups of borrowers — a total of 5.3 million — during his time in office.

Republican opponents, on the other hand, have argued that forgiveness and other subsidies are unjust bailouts — unfair to those who already repaid their loans or avoided college because of its cost.

If you ask those directly impacted, student loan relief is actually one of the few issues that transcends political divisions. In February 2024, the vast majority of college students — both those identifying as Republicans and Democrats — felt the government should do more to help them pay off their student debt, according to an Axios survey conducted by The Harris Poll.

But so far there have been few overtures from Republican lawmakers, apart from a proposal by New York Congressman Mike Lawler to lower the interest rate on federal student loans to 1%. (It’s higher than 6% on loans for this academic year.)

So what? The protections and accommodations afforded to borrowers over the last five years have ended, and those who default on loans will reportedly face collection efforts again later this year. If you don’t have one, now is the time to work out a strategy for paying your debt.

Many federal loans have consolidation options that can lower your interest rate, and even if Biden’s SAVE repayment plan is eliminated, there are other income-based repayment plans. Or you can refinance your loans (and SoFi can help with that.) And if you’re really struggling, you can apply for forbearance or deferment — though that may not stop interest from accruing.

Related Reading

•   What Trump and GOP Lawmakers May Have in Store for Student-Loan Borrowers (Business Insider via MSN)

•   They Thought They Were Nearly Done With Student Loans, but Then Came Trump (The New York Times via MSN)

•   Biden’s Education Grades: F on FAFSA, an Incomplete on Student Loan Forgiveness (NPR)

photo credit: iStock/hxdbzxy

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.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

In our efforts to bring you the latest updates on things that might impact your financial life, we may occasionally enter the political fray, covering candidates, bills, laws and more.

Please note: SoFi does not endorse or take official positions on any candidates and the bills they may be sponsoring or proposing. We may occasionally support legislation that we believe would be beneficial to our members, and will make sure to call it out when we do. Our reporting otherwise is for informational purposes only, and shouldn’t be construed as an endorsement.

SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

OTM20250129SW

If you’ve recently decided to get divorced, you’re in good company.

Divorce filings tend to rise at the start of the year, giving January the unfortunate label of “divorce month.” (As it turns out, research shows that filings don’t actually peak until March, probably because unhappy couples who hold off during the holidays need a couple of months to get their paperwork organized.)

The seasonality of divorce means there are a lot of people just like you out there — people who are exceptionally stressed and emotional, but still have to navigate all the daunting financial considerations.

If you’re not sure where to start, take a deep breath — you will get through this. And we’ve got a short roadmap that should help. It includes when to meet with a divorce professional (right away,) how to determine your financial priorities, which documents to gather, and when and how to separate your financial accounts.

Step 1: Meet with a Divorce Professional

It may seem too early, but getting an initial one-on-one consultation with a divorce pro — whether it’s a lawyer or a mediator — is a smart first step, especially because the divorce process is so state-specific. Unless you work in family law, you’re not likely to know the ins and outs of your state’s laws, and you’re probably going to face a dizzying vocabulary of acronyms you’ve never heard before.

A professional can explain how your state may influence the divorce process, including:

•   Whether income and other factors determine how the family home and other property will be divided or if a 50/50 split is required

•   Similarly, whether retirement, savings, and other accounts will be split 50/50 or not

•   Whether “fault” has any role in property division or support payments

•   Whether there is a pre-filing waiting period and/or a post-filing cooling-off period

•   How the child support and spousal support guidelines and formulas work

•   Whether mediation is required (you may be able to avoid the kind of divorce showdown you see in TV dramas)

Certified Divorce Financial Analysts are also worth talking to, and can explain how different types of settlements might impact your long-term finances and taxes.

After you meet with a professional, here’s what to consider next (though not without their input.)

Step 2: Consider Your Must-Haves

Determining your financial priorities can help you figure out what you want to fight for and what you’re willing to live without. “Saying ‘I want it all!’ is useful neither to you nor your lawyer,” according to the Institute for Divorce Financial Analysts. This simple worksheet can help you decide what’s most important to you in these areas:

•   Division of shared property, such as the family home

•   Spousal and child support

•   Division of retirement accounts, savings, and other funds accrued during the marriage

•   Splitting debts, including credit card balances or personal loans

Step 3: Start Gathering Financial Info

You might want to begin gathering financial details, especially if your spouse handled the household finances and/or you’re concerned they may not be totally forthcoming.

Here’s a start, though your legal professional can give you a more complete checklist:

•   Personal details: SSNs, employer contact details, and health insurance information for each family member.

•   Tax information: At least three years of income tax returns and property tax bills.

•   Debts and loan details: Balances and account numbers on mortgages, HELOCs, credit cards, and other loans (student, personal, boat, and other loans).

•   Income figures: Pay stubs, interest and dividend income, and details on bonuses and unreported income.

•   Information on assets: Assessed values of real estate and cars, balances on investment accounts, and the coverage and cost of life insurance policies.

•   Bank account data: Monthly or annual spending on children or other dependents, utilities, food, transportation, medical, and other expenses.

Step 4: Severing Financial Ties

The surgical process of separating your financial life from your spouse’s is often time-consuming and messy. Missteps can wreck credit and get you in trouble in court, so tread carefully if you make any moves before your divorce is finalized. (And be aware: Lenders often don’t care if you’re divorced, if the debt was incurred when you were together.)

One way to efficiently and safely separate funds early in the divorce process is to work with your spouse to pay off debts and close down accounts. (It’s best to keep them in the loop when unwinding things anyway.)

Again, while this list gives you a framework for what’s ahead, always check with your legal professional before taking any of these steps:

•   Cancel joint accounts (and automatic withdrawals) and open/shift funds to individual accounts

•   Change logins and passwords on previously shared online accounts or apps

•   Remove spouses as authorized users on each others’ credit cards

•   Let utility companies know who is assuming responsibility for the bills

•   Change family cell plans to individual plans

•   Notify all financial providers of any change of address

•   Re-evaluate retirement saving rates and allocations for a single person

•   Update the beneficiaries on your retirement accounts and life insurance

image credit: Bernie Pesko

photo credit: iStock/Valerii Evlakhov

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.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

OTM2025012901

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