What Trump's election could mean for Ohio student loan borrowers
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President-elect Trump could spell an end to any lingering hope of student debt relief for millions of borrowers.
Why it matters: Ohio has the nation's sixth-highest number of borrowers (nearly 1.8 million, or about 15% of our state's population) according to the most recent Federal Student Aid data.
- Ohio's overall debt balance is $61.7 billion, or about $35,000 per borrower.
The big picture: Trump has repeatedly bashed the Biden administration's student loan forgiveness plans, but has not said how he would handle the mounting debt in his next White House term.
- The president-elect has also vowed to dismantle the Department of Education, the loan holder for most federal student loans.
- The Trump campaign did not immediately respond to Axios' request for information on the president-elect's plans for the department or student loan relief.
By the numbers: It costs an average of $13,430 per year (without room and board) for in-state students to attend a public, four-year institution in Ohio, the 14th most expensive state in the country.
- Almost half (48%) of Ohio borrowers are under the age of 35.
- The total federal student loan debt in the U.S. is $1.6 trillion.
Zoom in: Gov. Mike DeWine and Sen. and Vice President-elect JD Vance are among those who have vocally opposed forgiveness plans that Cleveland Mayor Justin Bibb, Columbus Mayor Andrew Ginther and Sen. Sherrod Brown supported.
Flashback: After the conservative-majority Supreme Court blocked Biden's signature student loan forgiveness plan last year, his administration found ways to relieve some borrowers by circumventing the need for congressional or court approval.
- Since 2021, the president has used the Department of Education's existing authority to provide more than $168 billion in relief to more than 4.7 million borrowers.
Yes, but: The next Trump administration could roll back the efforts through similar regulatory changes.
Go deeper: What another Trump term could mean for student loan relief