Education Dept. Transfers Student Loans to Treasury
Salt Lake City News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
The Department of Education is transferring a significant portion of its student loan responsibilities to the Treasury Department, including collecting on federal student loans. This move aims to leverage Treasurys financial expertise to address long-standing issues, with the loan portfolio totaling nearly $1.7 trillion and nearly 25% of borrowers in default. The shift is part of broader efforts to downsize the Education Department, which has seen half of its employees let go this year. While officials praise the partnership, advocates express concerns about potential confusion and legal challenges. The Education Department promises clear updates for students and borrowers on the transition.
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