President Trump's administration is considering significant changes to the Department of Education, possibly leading to its closure. This raises concerns about the future of federal student loans, crucial for millions of students. The potential elimination could restrict borrowing options for new students and create delays in loan approvals, affecting education access. Existing student loans are unlikely to be forgiven, as borrowers generally continue interacting with loan servicers. If the Department closes, the Treasury may assume its financial duties, offering a semblance of continuity for borrowers.
If the Department of Education is eliminated, future college attendees may face limited options for borrowing, and existing student loans are unlikely to be forgiven.
The fear is that without the Department of Education, there could be a huge lag in approving federal student loans, disrupting many students' academic plans.
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