With 40 million borrowers relying on these loans, the SBA’s new responsibilities have triggered widespread concerns about the future of the U.S. student loan program. The announcement ...

Moving student loans, she added, to the SBA, which “has no background of familiarity with the student loan program, with the rights afforded to student loan borrowers under the Higher Education ...

Neither the Education Department’s Federal Student Aid office, which manages the loan program, nor SBA have provided a timeline or details of a plan to move the portfolio. But Education ...

As the president attempts to phase out the Education Department, the SBA will absorb federal student loan programs. It is unclear how many, if any, Education Department employees SBA will absorb ...

“I’ve decided that the SBA, the Small Business Administration, headed by Kelly Loeffler, a terrific person, will handle all of the student loan portfolio,” Trump told reporters in the Oval ...

Announcing the move in the Oval Office, Trump said, "I’ve decided that the SBA… will handle all of the student loan portfolios… [out of] the Department of Education immediately", adding that ...

The Small Business Administration has announced it is cutting half its workforce, triggering concern as the agency is also taking over the enormous student loan program. The agency is reducing the ...

Akers noted that since SBA currently manages its own loans, “it isn’t a crazy idea that they could pull this off.” “Frankly, the department has handled student loan administration poorly, so the bar ...

The SBA is downsizing at the same time it is taking on the $1.6 trillion loan portfolio, announcing a 43% staff cut the same day. Trump said the move would improve student loan servicing ...

Trump said student loans are moving out of the Department of Education and into the Small Business Administration. He also said that HHS will be taking over "special needs" and nutrition programs.

It noted that the size of the student loan portfolio is roughly the size of some of the nation’s largest banks — although the office has a far smaller staff than those banks do. But the SBA is ...

SBA Administrator Kelly Loeffler and President Donald Trump. Illustration: Inc; Photo: Getty Images As part of his plan to dismantle the Education Department, President Trump on Friday announced ...