As the Federal student aid portfolio soars to nearly $1.7 trillion and with nearly a quarter of student loan borrowers in default, Americans know that the Department of Educati

The Trump administration is transferring management of the $1.7 trillion federal student loan portfolio from the Department of Education to the Department of the Treasury, the most significant step yet in the White House’s efforts to dismantle a cabinet-level agency.

Under an agreement announced Thursday, the Treasury Department will take over management of student loans whose borrowers are in default, meaning they are months behind on payments. Those loans add up to about $180 billion,

In a year defined by historic disruptions in the Department of Education (DOE), the federal agency is furthering its dismantling by shifting a portion of its student loan portfolio to the Treasury Department.

The Treasury Department will take on a central role in collecting federal student loan debt under a new agreement with the Department of Education, a shift officials said is part of the broader Trump administration effort to scale back and shut down the latter department.

One year after President Trump signed an executive order calling for the shuttering of the Education Department, the agency has taken its biggest step yet toward self-elimination. On Thursday, the department announced it would seek to move its $1.

The Education Department announced on Thursday that it is moving some of its student loan portfolio to the Treasury Department, the latest and largest in a series of program shifts as the Trump administration works toward its goal of shutting down the Education Department.

The U.S. Education Department is handing off a portion of its student loan portfolio to the Treasury Department, a first step toward shedding management of all student loans as Trump administration officials dismantle the federal education agency.