President Donald Trump signed an executive order on Thursday aimed at winding down the U.S. Department of Education. While Republicans cheer on the move, which many observers are calling legally dubious, it has left nearly 45 million student loan borrowers with one more thing to worry about: what happens to their monthly payments?
According to the president, the estimated $1.7 trillion student loan portfolio will no longer be managed by the Department of Education's Federal Student Aid (FSA) office. Instead, the Small Business Administration will now oversee student loans, he said Friday in the Oval Office. And special education services and nutrition programs once handled by the Education Department will now be the purview of the Department of Health and Human Services.
