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Story summary
- President Donald Trump’s administration plans to spin off Federal Student Aid into a new agency overseeing $1.6 trillion for 40 million borrowers.
- Officials say the spin-off would need congressional approval.
- Sen. Patty Murray (D-Wash.) warned the plan could create financial chaos for borrowers.
- Education Secretary Linda McMahon, a billionaire, faces criticism that the reorganization will worsen loan burdens.