Personal Finance What student loan borrowers should know as Trump targets Public Service Loan Forgiveness

“Borrowers that work for those organizations are concerned,” said Betsy Mayotte, president of The Institute of Student Loan Advisors, a nonprofit.Borrowers in the PSLF program won’t see an immediate effect. Trump’s order requested an update to the regulations regarding the program, she said: “That process can take a year or more.”

“I also suspect that this will be challenged in court,” Mayotte said. “The bottom line is that 501(c)(3)s are eligible for PSLF under the law. An EO can’t change.”

Changes also can’t be retroactive, she said. That means that if you are currently working for or previously worked for an organization that the Trump administration later excludes from the program, you’ll still get credit for that time, at least up until the changes go into effect.