FARGO, N.D. (KVRR) –With the future of the Department of Education uncertain, concerns have begun to rise over student loans.
The concerns come after the pause on the “SAVE” plan.
Currently borrowers are no longer able to apply on any income driven or extended repayment plan on their student loans.
With more than 42 million people in the U.S. with federal student loan debt, the outstanding debt is nearing $2 trillion.
A college loan advisor is advising people to still apply for financial aid and to keep track of all your loans.
“If they go away, which I think is kind of a long shot. There is some talk of that. It would put a lot of strain on parents and families paying. Colleges might have to step up and maybe offer more financial aid directly from them,” said Ryan Keel, Owner of CollegeSmart, College Planning Specialist.
While the SAVE plan is down, borrowers are recommended to keep records of their current loans.
