Since the passage of Trump’s Big Beautiful Bill in July, many college students are rethinking their college plans amid growing concerns about loan repayments.
More than 60% of current college students say they expect to be personally impacted by the new budget law, according to a new U.S. News & World Report survey. Thirty-two percent believe they’ll feel the impact of the scrapping of certain repayment options, including the Biden-era SAVE Plan.
Soon after the bill’s passage, the U.S. Department of Education announced plans to restart interest accrual for borrowers in the SAVE Plan, citing a federal court injunction that blocked the program.
The survey found that a significant portion of college students (35%) are considering cutting back on their education in light of the budget bill. Others are exploring different paths, including pursuing a different degree (32%), studying abroad (31%) or joining the military to help pay for school (26%).
Furthermore, first-generation college students said they are even more likely to consider reducing their schooling (45%) or switching majors (44%).
In open responses from students, one student simply wrote, “Honestly, I’m cooked,” a euphemism often used by Gen Z to express feeling hopeless or overwhelmed.
Some students reported considering dropping out of law school and abandoning their plans to go to medical school altogether.
More than half of students surveyed say they oppose all of the bill’s changes. Only 20% support changes to the federal student loan program, and another 20% approve borrowing caps and the elimination of certain income-driven repayment plans.
“I went from a pre-med considering medical school to a pre-health hoping for physician assistant school,” one undergraduate student said. “PA school is a two-year education in comparison to a four-year medical school. Less years of education means less money and loans to take out.”
Read the full report here.
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