President Donald Trump has announced that the Small Business Administration (SBA) will take over the management of federal student loans, removing this responsibility from the Department of Education. This move is part of his broader plan to dismantle the Education Department, with some of its other functions potentially being transferred to the Department of Health and Human Services. The decision comes as student loan debt in the U.S. reaches $1.777 trillion, affecting over 42 million borrowers. Critics argue that the SBA lacks the infrastructure to handle student loans, while supporters claim the shift could lead to more efficient management. The announcement signals a significant restructuring of federal education policy under Trump's administration.
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President Trump calls to shift student loan management to Small Business Administration
On Friday, the president said he has decided the Small Business Administration will handle student loans, taking it out of the Education Department immediately. In 2024, student loan debt in the United States totaled $1.777 trillion and was held by 42.7 million borrowers, according to the Education Data Initiative.
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Trump says Education Department will no longer oversee student loans, 'special needs'
The president said federal student loans would move to the Small Business Administration, and hinted that the Department of Health and Human Services would take over special education oversight.
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Trump says federal student loans to be handled by Small Business Administration
https://global.chinadaily.com.cn
WASHINGTON - US President Donald Trump on Friday said that the Small Business Administration (SBA) will take charge of managing student loans, instead of the Education Department, which he aims to dismantle.
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Finally, a step in the right direction—shrinking the bloated Department of Education and moving student loans to an agency that actually understands lending. Now if only we could get the government out of the student loan business entirely and let the free market sort it out!
This is a blatant attempt to dismantle the Department of Education and shift student loans into a system that prioritizes profits over borrowers. The SBA is not equipped to handle this, and it’s clear this move is just another way for Trump to gut public education and help private lenders.
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