Trump Suggests Moving Student Loans to a Different Dept.
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Trump Suggests Moving Student Loans to a Different Dept.
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For decades, the Federal Student Aid office has been under the Department of Education. Under President Trump, however, that may change.
From The Epoch Times. President Donald Trump on Thursday suggested there could be major changes coming to how the federal government operates the federal student loan portfolio.
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Trump told reporters in the White House that he is considering moving the Federal Student Aid office away from the Department of Education amid talk that he is looking to either downsize or abolish the education agency.
Federal student loans currently overseen by the Education Department’s Federal Student Aid office will “be brought into either Treasury or Small Business Administration or Commerce,” Trump told reporters in the Oval Office. …
“I don’t think the Education [Department] should be handling the loans,” Trump [said]. “That’s not their business.”
A website run by the Federal Student Aid office says that the department is responsible for managing outstanding student loan debts worth hundreds of billions of dollars in loans for millions of borrowers. It specifically oversees Direct Loans, Federal Family Education Loans, and Perkins Loans that have outstanding balances, according to the page.
If the Trump administration is successful in closing down the Education Department, it means that billions in federal money to colleges and schools and managing the federal student loan portfolio would have to be taken up by another department. …
However, according to the Congressional Budget Office (CBO), Congress established the Federal Student Aid office’s current, performance-based structure in 1998, meaning that if the administration wanted to move the office, it may require an act of Congress. The CBO report said that as of 2019, the office’s portfolio was higher than $1 trillion. …
What do you think of this idea? Share your thoughts and prayers below.
(Excerpt from The Epoch Times. Photo Credit: The White House)
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I think abolishing the DOE and returning the responsibility of education to the states is a great idea because 1) It de-regulates a federal bureaucratic office that has only served to further aggrandize “Former” Presidents Carter and Obama’s federal stranglehold on education. 2) States can no longer use the DOE as a cash cow, without meeting the needs of its students. 3) Creates “local ” solutions in each state, regulated by and accountable to the state legislatures for student deliverables and success. 4) Each state regulates and is responsible for class requirements and learning standards and can more readily “course correct and monitor” content that achieves success for each student at the class level.
LORD, we need Your sound guidance concerning “higher education”. You are the One who gives wisdom and sound instruction. Please show us the framework and structure needed for our young adults to truly learn and become equipped. Lead those who are gifted in fiscal responsibility to oversee financing/loans. Separate the bloat of ideological classes from the necessary and productive curriculum. Let students/families not be bridled with unnecessary expense. Let schools become accountable for appropriate content, classroom availability based on student base, basic moral conduct/values (progressivism is NOT a curriculum), professors which demonstrate a high degree of integrity, required books/authors must be teach principled concepts not Communist nor Marxist philosophies. Remove clubs based on sexual perversion, financing by other countries, globalist concepts, and racist underpinnings. We thank You that You are the God of Revelation whom clearly sees and divinely appoints for the good of our welfare. We praise You Lord. In Jesus’ mighty name. Amen.
I have s loan I have to begin paying in September. I am praying that my loan advisor will reach out to me on this issue.