This market resolves YES if the U.S. government either abolishes federal student loans or implements substantial modifications to the federal student loan system before January 1, 2026. Substantial modifications would include any of the following:

1. Switching to a system where private lenders backed by government guarantees issue student loans

2. Consolidating all federal loan programs into a single program with income-driven repayment

3. Converting the Federal Student Aid office into a new government corporation

4. Switching to fair-value accounting from FCRA accounting

The market resolves NO if none of these changes occur by January 1, 2026.