Trump's student-loan repayment overhaul includes the elimination of the Grad PLUS program. Yale said it's putting out a "comparable" new plan.

Starting the week of Jan. 7, the Education Department will begin sending notices about paycheck deductions to about 1,000 of five million borrowers in default.

Preston Cooper at AEI recently published an analysis of the latest federal student loan data, and the results were sobering: 5.5 million borrowers in default, another 3.7 million more than 270 days late on their payments and 2.7 million in the early stages of delinquency.

David Chatman, 51, said he's going through bankruptcy proceedings because he cannot afford his student-loan payments without the SAVE plan.