In a major restructuring effort, President Donald Trump announced that the Small Business Administration (SBA) will assume control of the federal student loan portfolio from the U.S. Department of Education, as part of a strategy to streamline federal operations and cut government spending. The SBA plans to reduce its workforce by 43%, aiming to save over $435 million annually, while maintaining its focus on supporting small business growth. This shift reflects the Trump administration's emphasis on reducing government size and complexity, with the SBA now tasked with managing over $1.6 trillion in federal education debt affecting more than 40 million Americans.
