President Trump signed an executive order aimed at dismantling the Department of Education, creating uncertainty for millions of student-loan borrowers. The plan includes transferring management of student loans to the Small Business Administration (SBA). Although Education Secretary Linda McMahon mentioned collaboration with the SBA to devise a strategic plan, no timeline or specific details were provided. Meanwhile, borrowers on critical repayment plans are anxious, especially amid ongoing legal discussions affecting the SAVE plan and changes to the Public Service Loan Forgiveness program.
"We've talked also with Treasury, and how they can be interactive in that process," McMahon said.
"These changes come as millions of borrowers on key repayment plans are waiting for answers."
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