Financial Advice

Donald Trump’s Position on Student Loans May Surprise You

Donald Trump seems to be on the side of many indebted Americans — and some Democrats, actually — that the government shouldn’t profit from student loans, according to an interview he gave to The Hill.

The Republican presidential hopeful generally hasn’t attracted descriptions like “empathetic” and “relatable,” but Trump’s opinion on federal student loan profits elicits those qualities. Trump shares that view with Sen. Elizabeth Warren (D-Mass.), which is a surprising statement, to say the least, though Warren has proposed cutting those profits and replacing them with a tax on the wealthiest Americans like Trump. (At one point, he was cool with a wealth tax, but not this time around.) Here’s what he said on the topic:

“That’s probably one of the only things the government shouldn’t make money off — I think it’s terrible that one of the only profit centers we have is student loans,” Trump said.

He said that if he were elected, he would create jobs so people “can get five times what the minimum wage is,” presumably enough to repay their education debts (he said he would not raise the minimum wage, however).

We’ve written before on the topic of government profits on the backs of student loan borrowers (read more here). Data shows that borrowers are struggling to repay their education loans — though experts say it’s likely more than government statistics suggest — which can also have significant financial consequences for them, as well.

Government issues aside, it falls to you (the borrower) to make repayment a priority, and there are a handful of ways to make repaying student loan debt more manageable. Research your options for adjusting your repayment plan or refinancing, work with your loan servicer to take advantage of those options, and commit to keeping your loan in good standing, because your student loans can have a significant impact on your financial stability for years to come. You can review your free credit report summary every 30 days on to see how your student loan debt is impacting your credit scores.

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This article by Christine DiGangi was distributed by the Personal Finance Syndication Network.