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Student Loan Update: Two Major Changes Coming for Federal Borrowers
Millions of federal student loan borrowers will see major changes after a series of announcements from the Trump administration's Education Department and Treasury Department.
For one, the administration has extended the deadline to secure an interest rate deduction.
There will also be a new support center aimed at helping defaulted borrowers return to good standing.
“Under President Trump, Treasury and the Department of Education are restoring fiscal responsibility to our nation’s $1.7 trillion federal student loan portfolio,” said Treasury Secretary Scott Bessent in a statement. “The new Defaulted Loans Support Center marks an important early achievement of the Treasury-ED Federal Student Assistance Partnership, bringing Treasury’s unique financial and operational expertise to the program, providing defaulted borrowers a clearer path back to repayment, and building a more efficient and accountable system that better serves borrowers and taxpayers.”
Treasury launches student loan support center as new data show 9.3 million borrowers in default
The Trump administration announced Wednesday that it is launching a "Default Loans Support Center" as more student loan borrowers fall behind on their payments.
The new online portal will provide defaulted borrowers with information and options to get current on their loans, according to a press release from the U.S. Department of the Treasury.
The administration announced in March that it will task the Treasury with collecting on defaulted student loans. President Donald Trump has promised to dismantle the Education Department and transfer its authority to other federal agencies and the states.
"Under President Trump, Treasury and the Department of Education are restoring fiscal responsibility to our nation's $1.7 trillion federal student loan portfolio,"Â said Treasury Secretary Scott Bessent in a statement.
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