40% of $1.8 trillion student loans are late
As President Donald Trump takes action to limit the powers of the Department of Education, a large part of student loans remain in the hands of those who have been late in their payments.
Roughly 40 percent of loans out of the total amount of $1.8 trillion in student loans are owned by loan holders who have not met their payments on time, CNN reported.
The $1.8 trillion loan portfolio, which was held by the Department of Education, will now fall under the jurisdiction of the Small Business Administration following President Trump’s executive order limiting the Department’s powers, CNN wrote.
