Trump says Education Department will no longer oversee student loans, 'special needs'

President Donald Trump continued the unwinding of the U.S. Department of Education on Friday, announcing that the management of the entire federal student loan portfolio and of the department's "special needs" programs would be moved to other federal agencies effective immediately.

Appearing in the Oval Office with Defense Secretary Pete Hegseth, Trump said, "I've decided that the SBA, the Small Business Administration, headed by Kelly Loeffler, a terrific person, will handle all of the student loan portfolio. We have a portfolio that's very large," Trump said.