Voters heading to the polls on 3 November will decide whether Congress gains the power to alter recent federal student loan reforms and oversight, as reported.
About 43 million Americans hold federal student loan debt exceeding $1.7 trillion, a figure cited in reporting on the stakes for borrowers.
Congress enacted the One Big Beautiful Bill on 4 July 2025, a law that remade income-driven repayment rules and related protections, the reporting says.
The legislation phases out several income-driven plans, including SAVE, Pay As You Earn and Income Contingent Repayment around 1 July 2026, forcing borrowers to transition, according to the report.
Borrowers currently on those plans must move to either a modified Income Based Repayment plan or a new Repayment Assistance Plan, officials and advocates say.
Aissa Canchola Bañez, policy director at Student Borrower Protection Centre, described the Repayment Assistance Plan as allowing payments between one and ten percent of income for up to 30 years.
The law ends zero dollar payments for lowest-income new borrowers and sets a $10 minimum payment even for borrowers with no income, the reporting states.
Parent PLUS borrowers face sharp changes because new Parent PLUS loans will be ineligible for income-driven repayment or forgiveness after 1 July 2026, the report says.
Deferment protections for economic hardship or unemployment were eliminated under the law, removing up to three years of previous deferment options, the reporting adds.
Impact Risks Reforms And Oversight Battles
Borrowers also face a renewed tax exposure because a temporary exclusion for forgiven balances expired after 31 December 2025, making forgiven amounts taxable again, the report says.
Advocates warned millions reaching the end of repayment periods could face tax bills running into tens of thousands of dollars on forgiven balances, as reported.
Democratic lawmakers may use budget negotiations to seek tax relief or modest rollbacks, but a full repeal of the One Big Beautiful Bill is unlikely, the reporting notes.
President Donald Trump retains veto power, and no Democratic lawmaker supported the legislation, making an outright reversal improbable without a veto override, the report says.
Several bipartisan bills await action, including the Lowering Student Loans Act to set a two percent interest rate, the Student Loan Interest Elimination Act to set rates to zero percent, and the Student Loan Refinancing Act to permit federal refinancing, the report states.
Operational problems at the Education Department and its servicers have compounded borrower difficulties, with layoffs, trimmed oversight and processing delays cited as causes of errors and backlogs.
Senator Elizabeth Warren has sent letters to MOHELA and the Education Department about false delinquency notices and repayment irregularities, reflecting growing congressional scrutiny in the report.
If Democrats take control of either chamber, they would gain stronger investigative tools, including subpoenas and compelled testimony, which could drive further reforms or litigation, the reporting concludes.
