Should the Treasury take charge of managing student loans?
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The Department of Education isn’t your typical go-to for high drama in Washington, D.C. But this week hasn’t been typical. First, President Trump’s budget proposal called for drastic cuts to the department’s budget. Then, James Runcie, who oversaw the office that manages the federal government’s $1.3 trillion student loan portfolio, walked. In a rather critical email sent to staff announcing his resignation, Runcie, who came in under the Obama administration, made note of this: The Education Department is in discussions to hand over some or all of its student loan business to the Treasury Department. That’s the part of government that collects your taxes. Why would anyone want to do that?
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