March 21, 2025 | WASHINGTON, D.C. — President Donald Trump announced today that he plans to move the student loan portfolio from the Federal Student Aid office at the U.S. Department of Education to the Small Business Administration (SBA) “immediately.” At the same time, SBA announced plans to cut 43 percent of the agency’s workforce.
In response, Mike Pierce, Student Borrower Protection Center Executive Director, issued the following statement:
“Moving the student loan program to the SBA is illegal, unserious, and a clear attempt to distract the public from the fact that Trump has broken the student loan system and is actively cheating millions of borrowers out of their rights.
“Donald Trump, Linda McMahon, and Kelly Loeffler don’t have to worry about whether they can afford to send their kids to college or how they will stay on top of their bills. The cruelty is the point, and they are intentionally stoking the flames of chaos that will impact the economic stability of millions of working families.
“If Donald Trump actually cared about lowering costs for working people across this country and not just throwing red meat to his base, he would shut the student loan system down.”
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About Student Borrower Protection Center
Student Borrower Protection Center (SBPC) is a nonprofit organization focused on eliminating the burden of student debt for millions of Americans. We engage in advocacy, policymaking, and litigation strategy to rein in industry abuses, protect borrowers’ rights, and advance racial and economic justice.
Learn more at protectborrowers.org or follow SBPC on Twitter @theSBPC.