The Small Business Administration (SBA) is set to take over federal student loans following a directive from President Trump, amidst significant staff cuts and restructuring. Critics warn this could lead to chaos for 40 million borrowers, and uncertainties arise regarding the SBA's capability during this transition. The SBA is reducing its workforce by 43% while restructuring to achieve cost savings. The agency claims the realignment will not interfere with its essential services but will instead refocus on its core priorities to align with Trump's economic goals. The future implications for both borrowers and small businesses remain unclear.
We have a portfolio that is very large, lots of loans, tens of thousands of loans, pretty complicated deal. They're all set for it. They're waiting for it. The Trump administration asserts this will support their economic agenda despite staffing cuts and potential chaos in handling student loans.
The SBA will be handling federal student loans for over 40 million Americans after the takeover from the Department of Education, raising concerns about confusion for borrowers.
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