The new year marks a new chapter for federal student loan borrowers. 

As the White House transitions from President Joe Biden's administration to President-elect Donald Trump's, a few key updates will impact borrowers.

It's not certain what changes may come under the second Trump administration, but with ideas like the closure of the Education Department on the table, borrowers will want to keep an eye on the news for updates.

Here's what we know borrowers can expect in the coming year.

1. Credit impacts for missed payments and defaults are back

Following the expiration of Biden's repayment on-ramp in October 2024, student loan servicers have been able to resume reporting late and missed payments to credit agencies. 

And as of this month, servicers are able to resume collecting on defaulted loans through wage garnishments. The on-ramp formally expired in October, but the Biden administration gave borrowers an extra few months before allowing these collection activities to resume, Politico reported.

Ideally, you can make your student loan payment in full and on time each month. But if you do miss a payment or can't pay, you'll want to reach out to your servicer as soon as possible to see what options you have to avoid the harshest consequences. 

Loans are delinquent the day after a missed payment, and after 90 days your servicer will report the delinquency to the credit reporting agencies. After 270 days of nonpayment, your loan will enter default. At that point, the entire balance comes due immediately and you could be subject to wage garnishments or the seizure of your tax refund or other federal benefits. 

2. Broad debt forgiveness isn't happening, but some pathways are still open

Borrowers hoping for a last-minute act from Biden to forgive debt may have been disappointed to learn that wasn't happening. 

The Biden administration was in the final stages of implementing rules to allow the Secretary of Education discharge loans for long-term borrowers and those facing a variety of financial hardships. However, the Biden team withdrew those plans altogether in December. It was unlikely the Trump administration would finish the process and enact the forgiveness anyway.

The Biden administration cited "operational challenges in implementing the proposals" in its notice of withdrawal.

Several debt forgiveness programs that pre-date the Biden administration remain available to borrowers, including Public Service Loan Forgiveness and Teacher Loan Forgiveness. However, very few borrowers had their loans discharged under these programs during the first Trump administration, due to both technical problems and alleged mismanagement by ED. 

The Biden team made technical improvements, like expanding the criteria for qualifying payments to better streamline the application and approval process for PSLF, but it remains to be seen whether borrowers who become eligible to have their loans forgiven will see their debt discharged under President Trump.

3. SAVE plan remains in limbo, other repayment plans available

Millions of borrowers have enrolled in President Biden's Saving on a Valuable Education income-driven repayment plan since it became available in late 2023. But the plan, which aimed to lower monthly payments and shorten the timeline to loan forgiveness, has been blocked by two multi-state lawsuits.

Borrowers on the repayment plan have had their loans in an administrative forbearance while the courts weigh the legality of the program.

Since it's a Biden initiative and the states that sued to block the plan are Republican-led, it's unlikely President Trump will pick up the torch to defend the plan in court. It's also not clear when those borrowers may need to start making payments again.

If you are enrolled in SAVE or are generally looking for another repayment option, ED reopened applications for income-driven repayment plans that were set to be discontinued as SAVE rolled out. Borrowers may once again apply for the income-contingent repayment and Pay As You Earn plans. 

On both plans, monthly payments are calculated as a percentage of a borrower's discretionary income, or the money they make above the federal poverty line for ICR or 150% of the poverty threshold on PAYE. 

Monthly payments are capped at 20% of a borrower's discretionary income on ICR or 10% on PAYE. Borrowers will not pay more on PAYE than they would on the standard 10-year repayment plan, whereas their monthly payment may be higher on ICR. Payments on both plans are eligible to count toward PSLF.

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