Millions of borrowers are in student loan forgiveness limbo. But making the wrong move now could have costly consequences.

With much of President Joe Biden’s student loan agenda tied up in court, the incoming Trump administration could have a significant impact on millions of borrowers.

Rather than provide immediate relief via student loan forgiveness, a new Republican bill would significantly reduce federal student loan interest rates.

“Unfortunately, autopay errors were one of the most widespread, basic and consequential servicer errors we saw this year,” CFPB Student Loan Ombudsman Julia Barnard told CNBC. “These errors are incredibly costly and completely unacceptable.”

The student loan crisis stems from rising college costs, inadequate government oversight, complex repayment systems, and borrowers’ lack of financial education. ・Disproportionate Impact: Low-income, first-generation,