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U.S. Treasury Takes Over Student Debt Collection

3/20/2026

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Summary

Story summary

Education Secretary Linda McMahon announced the Treasury Department will take over student debt collection from the Education Department, affecting 43 million Americans, including 9 million in default, and a $1.7 trillion portfolio.
McMahon said the move aims to improve efficiency and accountability.
Treasury Secretary Scott Bessent emphasized financial discipline.
The transition is part of a broader effort to address longstanding student debt issues.

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Story summary

Education Secretary Linda McMahon announced the Treasury Department will take over student debt collection from the Education Department, affecting 43 million Americans, including 9 million in default, and a $1.7 trillion portfolio.
McMahon said the move aims to improve efficiency and accountability.
Treasury Secretary Scott Bessent emphasized financial discipline.
The transition is part of a broader effort to address longstanding student debt issues.