January 04: Student Loan Forgiveness Tax Returns; 2026 Repayment Overhaul

Student loan forgiveness tax returns in 2026 as the ARPA waiver expires, while the SAVE plan ending ushers in a new Repayment Assistance Plan. These U.S. shifts lift monthly outflows, tighten borrowing, and raise default risks with wage garnishment restarting and about 12 million borrowers already delinquent or in default. For UK investors, this matters because U.S. consumer spend drives global earnings. We assess how repayment changes, PSLF rule changes, and borrowing caps could ripple through retailers, lenders, and servicers in 2026.