The federal student loan portfolio – which manages about $1.6 trillion in loans for roughly 43 million borrowers – is currently overseen by the Education Department's office of Federal Student Aid (FSA). Mario Tama/Getty Images hide caption
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President Joe Biden pictured with his Department of Education secretary, Miguel Cardona, in October 2022. Demetrius Freeman/The Washington Post via Getty Images hide caption
Biden's education grades: F on FAFSA, an incomplete on student loan forgiveness
MIT is among the handful of higher education institutions that announced free tuition initiatives. Charles Krupa/AP hide caption
University of Texas, MIT and others announce free tuition for some undergraduates
With Trump's win, federal student loan borrowers will need to get used to a new normal and new priorities. Moor Studio/Getty Images hide caption
What student loan borrowers can expect as the presidency changes
President Biden speaks at an event about canceling student debt, at the Madison Area Technical College Truax campus, April 8, 2024, in Madison, Wis. Kayla Wolf/AP hide caption
Student loan borrowers and advocates gather for the People's Rally To Cancel Student Debt During The Supreme Court Hearings On Student Debt Relief on February 28, 2023 in Washington, DC. Jemal Countess/Getty Images for People's Rally hide caption
Activists and students protest in front of the Supreme Court during a rally for student debt cancellation in Washington, D.C., in February 2023. Andrew Caballero-Reynolds/AFP via Getty Images hide caption
Secretary of Education Miguel Cardona answers questions during the daily briefing at the White House Aug. 5, 2021, in Washington, D.C. Win McNamee/Getty Images hide caption
Student loan balances wiped for the first batch of borrowers in Biden's SAVE plan
Kurt Panton, his wife, Lizzy, and their daughter, Pauline. His federal student loans have been canceled by a new Biden administration policy meant to remedy past failures with income-driven repayment plans. Patrick Junker for NPR hide caption
A story of student loan forgiveness, 20 years in the making
Education Secretary Miguel Cardona talks to reporters during the daily news conference in the Brady Press Briefing Room at the White House on June 30, 2023 in Washington, D.C. Chip Somodevilla/Getty Images hide caption
Education Department punishes student loan servicer for billing mistakes
Graduates attend Tennessee State University's commencement ceremony in Nashville on May 7, 2022. Under a new repayment plan, millions of student loan borrowers will see their monthly repayment amounts cut in half or more. Jason Davis/Getty Images hide caption
What the Supreme Court's rejection of student loan relief means for borrowers
The Supreme Court in Washington, D.C., on Tuesday, June 27 as the term heads into what's expected to be the final week. Bloomberg/Bloomberg via Getty Images hide caption
Student loan borrowers gather near The White House in May 2020. On Thursday, the Senate voted to repeal President Biden's plan to offer up to $20,000 in federal student loan debt relief. Paul Morigi/Getty Images hide caption
Student loan borrowers gather outside the Supreme Court building in February 2023. The court's ruling on President Biden's debt relief plan is expected in June or July. Jemal Countess/Getty Images for People's Rally hide caption
From 2011, at an Occupy DC protest in Washington. A man holds a sign and a ball and chain, representing his college loan debt. (AP Photo/Jacquelyn Martin) Jacquelyn Martin/ASSOCIATED PRESS hide caption
President Biden speaks about student debt relief at Delaware State University in Dover on Friday. Anna Moneymaker/Getty Images hide caption
The Pell Grant has helped 80 million students go to college. Josie Norton for NPR hide caption
In 50 years, the Pell Grant has helped over 80 million people go to college
This Oct. 8, 2019, photo shows the Apple Pay app on an iPhone in New York. Experts warn that digital wallet services like Apple Cash and Venmo are prime targets for scammers. Jenny Kane/AP hide caption
Student loan borrowers stage a rally in front of The White House on Aug. 25 to celebrate President Biden cancelling student debt. The plan has sparked heated debate, including about its economic fairness. Paul Morigi/Getty Images for We the 45m hide caption
Is it fair to forgive student loans? Examining 3 of the arguments of a heated debate
An ITT Technical Institute campus in Rancho Cordova, Calif., is seen on Sept. 6, 2016. Students who used federal loans to attend ITT Tech as far back as 2005 will automatically get that debt canceled. Rich Pedroncelli/AP hide caption
Students attend their graduation ceremony at South Carolina State University. MANDEL NGAN/AFP via Getty Images hide caption