President Donald Trump continues to make moves and push for the dismantling of the Department of Education. While it would take an act of Congress to do it, federal student loans will now be handled by the small business administration.
Pitt is one of the many colleges in our area that has thousands upon thousands of students. With the possible changes to student loans because of Department of Education cuts, loan experts say most things shouldn’t change and there should be nothing to panic about.
While there are still a lot of questions and legalize surrounding any end of the Department of Education, Alyssa Dobson with Slippery Rock University said you shouldn’t notice anything different with loans. You should be able to apply for aid just as you have.
“At this moment, everything is status quo, and we don’t foresee delays,” Slippery Rock University Director of Financial Aid and Scholarship Alyssa Dobson said.
Just at the Butler County college, there are tens of millions of dollars in financial aid per year. According to Dobson, even with moving loans to a different administration, it should hopefully not impact her work with financial aid and scholarships. There have been some critics saying this can become a recipe for chaos.
“We have a good system in place. It’s worked for years. I think just moving oversight doesn’t mean they have to change anything,” Dobson said.
As for repayments, Dobson says that should stay the same as well. National experts fear there could be some other agencies handling the $1.6 trillion in student loan debt and field questions. No matter what changes are coming, Dobson says payments to your provider will still need to happen.
“We know that the newest income-driven repayment plan is on hold. That is not changing, so very much status quo on loan repayment as well,” Dobson said.
If you do have questions about your loans, you should contact your provider and if you need help figuring out how to reach your provider, Dobson said your institute should be able to help you with that.
She stresses that you should never be charged for asking for help.
