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Trump says student loans will be handled by Small Business Administration

  • President Donald Trump announced that the Small Business Administration will manage the federal student loan portfolio instead of the U.S. Department of Education, stating that outstanding federal education debt exceeds $1.6 trillion, with more than 40 million Americans holding student loans.
  • This announcement follows Trump's executive order aimed at dismantling the Education Department, though only Congress can completely eliminate the agency.
  • Concerns were raised about how this change might affect protections and programs like Public Service Loan Forgiveness, as noted by experts.
  • Experts suggested that neither the Commerce Department nor the Small Business Administration has relevant experience for managing student loans.
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Trump says Small Business Administration will take over Department of Education’s student loan portfolio

President Donald Trump said Friday that the Small Business Administration will absorb the Department of Education’s massive student loan portfolio as he seeks to dismantle the agency and shift more power over education to the states.

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Forbes broke the news in United States on Friday, March 21, 2025.
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