"Bid for Fiscal Control: Education Department Hands Over Federal Student Loans to Treasury Department In a significant shift in the management of federal student loans, the Education Department has announced that it will be transferring operational responsibility for these loans to the Department of Treasury. This move is seen as a key step in the Biden administration's efforts to consolidate and streamline government services, potentially paving the way for more efficient loan forgiveness programs and debt relief initiatives. The transfer is expected to take place in the coming months, with the Treasury Department assuming responsibility for collecting payments, managing loan accounts, and enforcing borrower compliance. The change is likely to have significant implications for the millions of Americans who rely on federal student loans."
The Education Department announced that it will be transferring operational responsibility for federal student loans to the Department of Treasury.
