Trump Says Student Loans Will Be Managed By Small Business Admin., Not Education Dept.

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President Trump said Friday the Education Department would no longer handle the federal government’s student loans, school nutrition and special needs programs, offering new details about how he plans to break down the agency a day after issuing an executive order aimed at closing the department.  READ MORE: https://www.forbes.com/sites/saradorn/2025/03/21/trump-says-student-loans-will-be-managed-by-small-business-administration-not-education-department/  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript   Stay Connected Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com

Transcript

00:00Okay, thank you very much.

00:07It's a great honor to be with you.

00:12I just want to start by saying we had a meeting

00:15yesterday on the Department of Education,

00:17which is being moved.

00:19We are going to educate the children in their

00:21states where they can get a proper education.

00:25The numbers are horrible the way it is, and we're

00:28going to make a move that's very big.

00:30I don't think it's even risky a little bit.

00:32I think it's going to be amazing.

00:34It should have been done years ago.

00:36They've been talking about doing it for many years,

00:38but nobody ever got it off.

00:40But we did.

00:41And there was great excitement and great

00:45acceptance of it by almost everybody, including a lot

00:48of Democrats, actually.

00:50I do want to say that I've decided that the SBA, the

00:54Small Business Administration, headed by

00:56Kelly Loeffler, is a terrific person, will

00:59handle all of the student loan portfolio.

01:03We have a portfolio that's very large, lots of loans,

01:08tens of thousands of loans, pretty complicated deal.

01:12And that's coming out of the Department of Education

01:15immediately, and it's going to be headed up by

01:18Kelly Loeffler, SBA, and they're all set for it.

01:21They're waiting for it, and it'll be serviced much

01:24better than it has in the past.

01:25It's been a mess.

01:27And also, Bobby Kennedy, the Health and Human

01:30Services, will be handling special needs and all of

01:34the nutrition programs and everything else.

01:36Rather complex, but that's going to be headed by and

01:40handled by Health and Human Services.

01:43So I think that'll work out very well.

01:45Those two elements will be taken out of the

01:48Department of Education.

01:49And then all we have to do is get the students to get

01:53guidance from the people that love them and

01:56cherish them, including their parents, by the way,

01:59who will be totally involved in their

02:00education, along with the boards and the governors

02:03and the states.

02:03And it's going to be a great situation.

02:06I guarantee that in a few years from now, I hope I'm

02:10going to be around to see it, but I think we're

02:12going to see a lot of it.

02:14I think that you're going to have tremendous results.

02:16You're going to have results like Norway,

02:19Sweden, Denmark, a lot of the countries that do so well.

02:23I think you're going to have a lot of those results.

02:25If you look at Iowa and Indiana and Idaho, so many

02:29places that run so well.

02:32Florida, Texas, big ones, you're going to have great

02:36education, much better than it is now at half the cost.

02:40And we're not even doing it as a cost item, although

02:42you will save probably half, maybe more than that.

02:46And you're not going to be at the bottom of the list.

02:47You're going to be much higher.

02:48And maybe you'll be.

02:50I will guarantee some of the states will be at the

02:52top of the list.

02:53They'll be comparable or better than these number

02:56one, two, three, four, five country, the countries

02:59that are in the top five positions.

03:02So that's to me, it's very exciting and it's been

03:04received very well.

03:05So I just want to tell you about the student loans and

03:07special.

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Transcript

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