The Trump administration is trying to cut funding from student loan programs–again.

President Trump has released his budget proposal for the 2020 fiscal year, which would cut funding from several programs that help student borrowers. From the elimination of Public Service Loan Forgiveness to cuts to repayment programs, the budget is a disgrace for students and young Americans.

$129 billion cut from income-driven repayment programs over 10 years. Consolidates current programs into one that caps a borrower’s monthly payment at 12.5% of discretionary income and for undergraduates, forgives the remaining balance after 15 years of repayment (graduate student debt is forgiven if any remains after 30 years of repayment).

Elimination of Public Service Loan Forgiveness program. Eliminating this repayment forgiveness program saves the government $53 billion over 10 years – costs that are shifted to borrowers.

Consolidation of Minority-Serving Institutions programs into one formula grant program. Repeat of last year’s proposal.

Expansion of Pell Grant eligibility to short-term programs

Elimination of subsidized loans. Starts with loan disbursements in 2020

Consolidation of TRIO & GEAR-UP, funding cut by 1/3. Two programs consolidated into a formula grant program, funding cut by $470 million (33%) to a total of $950 million.

Now is the time to make our voices heard! As student borrowers, we’ve been given very few lifelines to help us manage our debt–we can’t let this administration take those lifelines away.

Sign the petition to oppose the proposed cuts to student loan programs!

TL;DR?

Trump’s proposed budget for the 2020 fiscal year includes devastating cuts to important student loan programs, including eliminating the Public Service Loan Forgiveness program and drastically reducing funding for repayment programs. Sign the petition to oppose the proposed cuts to student loan programs!