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President Donald Trump signed An executive order on Thursday was aimed at strengthening the US Department of Education. Republicans are cheering in the action they call multiple observers Legal suspectAbout 45 million student loans left anything from something to worry about: What are the monthly payments?
Department of Education Federal Student Assistance (FSA) administration assessed the loan portfolio of $ 1.7 trillion and controls with payment and postponement plans. Trump said FSA said that the FSA said that a treasury management or a larger agency was better equipped to manage the portfolio burden.
Although the order signed, it is not immediately clear what the student loan portfolio will happen.
Education Department Secretary of Education Linda McMahon said the department will still “support”. This is a draft Conservative Heritage Fund 2025, such as a roadmap for many rough management actions All loans will be privatized.
“Close the department does not mean to cut funds from them,” McMahon said. “We will continue to support K-12 students, special needs, college student borrowers and others who trust the necessary programs.”
The resettlement of the student’s loan portfolio to a new department, “Kevin Ladd,” Kevin Ladd, Chief Operating Director and General Operating Director and for 25 years, for 25 years, for 25 years previously told Fortune. The new department will need more staff and a new computer system and there will be new controls and other protective processes, Ladd says. Meanwhile, Trump management is aggressively cutting the federal government officials.
Society Service Loan Forgiveness (PSLF), Problems (PSLF) and income plans to fulfill the loans of students.
“Federal student loans continue to be a choice for current and future college students, the conditions would be much harsh and the students should be taken into account before signing something.
Student credit system in Upheaval
Trump The executive signed the order Borrowers working in non-profit groups earlier this month, the leadership will not be appropriate for the forgiveness of a student loan if they are engaged in “improper” activity. It is almost exactly what this category is almost almost in this category, it is concerned about a loan for loan forging for borrowers that spend years.
In addition, a federal court recently confirmed a former President Joe Biden’s valuable education (savings) plan, some borrowers’ monthly payments on a significant reduction plan. This is there Effective associations for some borrowers sent the scheme-missile. Others bought big hits to credit scores.
And McMahon reported to cut the workforce of the department Up to about 50%, reducing its 4,133 employees to about 2183.
Critics of the president’s actions will need to take special loans to go to school that will harm the long-term material health of more people. Personal loans have less consumer protection and potentially higher interest rates than federal loans.
“Without the department, the less student could go to college, student loan borrowers, fake colleges would prey with violence,” he said, the Independent Non-Commercial Institute and Success Institute, which allows better performance in higher education.
In addition, a concern: Companies managing student loans on behalf of government are already facing complaints to manage payment terms – especially when a change in the company’s payment processing. Increasing disputes can increase headaches for borrowers.
For example, the public service is written in the loan donation program, for example, will be forced to carefully inspect the renovations of payment counts. After these borrowers do 120 timely payments in certified professionsThe rest of their loans should be legally forgiven. But there is Numerous issues with In the past years this processand it was While the study department is working as intended.
This story was first displayed Fortune.com
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