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President Donald Trump said Friday that the Small Business Administration, instead of the Education Department, would handle the country’s student loans.

U.S. President Donald Trump delivers remarks with Defense Secretary Pete Hegseth (not pictured) in the Oval Office at the White House, in Washington, D.C., U.S., March 21, 2025. 
Carlos Barria | Reuters

President Donald Trump said Friday that the Small Business Administration, instead of the U.S. Department of Education, would handle the country’s federal student loan portfolio.
“We have a portfolio that is very large, lots of loans, tens of thousands of loans, pretty complicated deal,” Trump said, speaking to reporters in the Oval Office. “That’s coming out of the Department of Education immediately.”

“They’re all set for it,” the president said of the SBA. “They’re waiting for it.”
Outstanding federal education debt exceeds $1.6 trillion, with more than 40 million Americans holding student loans.
Trump’s announcement comes a day after he signed an executive order aimed at dismantling the Education Department. Only Congress can unilaterally eliminate the agency.
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Consumer advocates are worried that the mass transfer of accounts could trigger errors, or compromise borrowers’ privacy. They also raised concerns about how a change in agency might affect protections and programs such as Public Service Loan Forgiveness.

Trump said earlier this month that his administration was looking to task any of the Treasury Department, Commerce Department or the Small Business Administration with federal student loan management.
Experts said the most logical agency would have been the Treasury Department, since it already plays a role in collecting past-due debts from Americans through the Treasury Offset Program.
Meanwhile, “neither Commerce nor SBA has any relevant experience,” higher education expert Mark Kantrowitz told CNBC this month.
One important thing for borrowers keep in mind: The terms and conditions of your federal student loans cannot change even if the agency overseeing them does, experts say. Your rights were guaranteed when you signed the master promissory note at the time your loans were originated.

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A federal judge issued a temporary restraining order barring Elon Musk’s Department of Government Efficiency team from getting access to personally identifiable information from the Social Security Administration.
Judge Ellen Lipton Hollander accused DOGE of launching a “fishing expedition” at the Social Security agency and failing to provide any reason why it needed to access vast swaths of Americans’ personal and private data.
“The defense does not appear to share a privacy concern for the millions of Americans whose SSA records were made available to the DOGE affiliates, without their consent,” the judge wrote.

A sign in front of the entrance of the Security Administration’s main campus on March 19, 2025 in Woodlawn, Maryland. 
Kayla Bartkowski | Getty Images

A federal judge Thursday issued a temporary restraining order barring Elon Musk’s so-called Department of Government Efficiency team from having access to personally identifiable information from the Social Security Administration.
Judge Ellen Lipton Hollander in a scathing ruling accused DOGE of launching a “fishing expedition” at the Social Security agency and failing to provide any reason why it needed to access vast swaths of Americans’ personal and private data.

Hollander said the “defendants, with so called experts on the DOGE Team” never identify or articulate a reason why DOGE needs “unlimited access to SSA’s entire record systems, thereby exposing personal, confidential, sensitive, and private information that millions of Americans entrusted to their government.”
The order in U.S. District Court in Baltimore blocks the Social Security Administration, acting Commissioner Leland Dudek and Chief Information Officer Michael Russo, as well as all related agents and employees working with them, from granting access to any system containing personally identifiable information.
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Per the lawsuit, personally identifiable information is defined as information that can be used to identify an individual, either on its own or when combined with other information. That includes Social Security numbers, medical provider information, medical and mental health treatment records, employer and employee payment records, employee earnings, addresses, bank records and tax information.
The judge also ordered the DOGE team members and affiliates to delete all non-anonymized personally identifiable information in their possession or control that they have accessed “directly or indirectly” since Jan. 20.

The lawsuit was brought by a coalition of unions and retirees including the American Federation of State, County and Municipal Employees; the Alliance for Retired Americans and the American Federation of Teachers.
In a statement, White House principal deputy press secretary Harrison Fields slammed Hollander as a “radical leftist” and accused her of “abusing the system to try and sabotage” Trump’s agenda.
“The President will continue to seek all legal remedies available to ensure the will of the American people goes into effect,” Fields said.
“We will work to comply with the court order,” a Social Security spokesperson told CNBC via email. 

Judge: DOGE method ‘hitting a fly with a sledgehammer’

Hollander, noting the affiliates of DOGE have kept their identities hidden, wrote, “ironically, the identity of these DOGE affiliates has been concealed because defendants are concerned that the disclosure of even their names would expose them to harassment and thus invade their privacy.”
“The defense does not appear to share a privacy concern for the millions of Americans whose SSA records were made available to the DOGE affiliates, without their consent,” the judge wrote.
The judge also said that the administration has not “attempted to explain why a more tailored, measured, titrated approach is not suitable to the task.”
“Instead, the government simply repeats its incantation of a need to modernize the system and uncover fraud,” Hollander wrote. “Its method of doing so is tantamount to hitting a fly with a sledgehammer.”
The judge pointed to the public reaction to the disclosure of the Social Security numbers of more than 400 former congressional staffers and other individuals with the release of unredacted files associated with the assassination of President John F. Kennedy. That supports the expectation of privacy with regard to that personal data, she wrote.

The plaintiffs are “likely” to succeed in their arguments that DOGE’s actions are arbitrary and violate the Privacy Act and Administrative Procedure Act, the judge said.
“We are grateful that the court took strong action to protect every American’s personal data,” Richard Fiesta, executive director of the Alliance for Retired Americans, a national grassroots advocacy organization, said in an emailed statement. “Seniors must be able to trust the Social Security Administration will protect their personal information and keep it from falling into the wrong hands.”
— CNBC’s Dan Mangan and Kevin Breuninger contributed to this report. More

President Donald Trump signed an executive order on Thursday aimed at dismantling the U.S. Department of Education.
Only Congress can unilaterally eliminate the Education Department.
But the Trump administration can starve the agency of resources.

The U.S. Department of Education is seen on March 20, 2025 in Washington, DC. U.S. President Donald Trump is preparing to sign an executive order to abolish the Department of Education. 
Win Mcnamee | Getty Images News | Getty Images

President Donald Trump signed an executive order on Thursday aimed at dismantling the U.S. Department of Education.
The Education Department oversees the country’s $1.6 trillion federal student loan portfolio, provides funding to low-income students and enforces civil rights across the country.

Only Congress can unilaterally eliminate the Education Department. But the Trump administration can starve the agency of resources.
Earlier this month, the department laid off nearly half of its staffers. The actions leave the department with 2,183 employees, down from 4,133 when Trump took office in January.
Karoline Leavitt, the White House press secretary, told reporters on Thursday that she expected some key functions of the Education Department, including federal student loans, to continue to be run out of the minimized agency.
It was hard to overestimate the harm the order would inflict, consumer advocates said.
“Today’s decision does not serve the interests of students or families,” said Mitria Spotser, vice president and federal policy director at the Center for Responsible Lending, in a statement.

“It weakens public education, abandons civil rights enforcement and prioritizes corporate interests over the fundamental right to a quality education,” Spotser said.
Former President Jimmy Carter established the current day U.S. Department of Education in 1979. Since then, the department has faced other existential threats, with former President Ronald Reagan calling for its end and Trump, during his first term, attempting to merge it with the Labor Department. More

If you turned 73 in 2024, the deadline for your first required minimum distribution, or RMD, is April 1.
You could see a 25% penalty for skipping the RMD or not withdrawing enough, but it may be possible to reduce the fee.
Typically, it’s better to take your first RMD by Dec. 31 the year you turn 73 to avoid two required withdrawals in the same year, experts say.

David Madison | Stone | Getty Images

You could face a 25% penalty

Generally, you calculate RMDs for each account by dividing the prior Dec. 31 balance by a “life expectancy factor,” according to the IRS. Some companies calculate RMDs for you, but you’re ultimately responsible for withdrawing the correct amount.  
There’s a 25% penalty for skipping the RMD or not withdrawing enough, said certified financial planner Scott Bishop, partner and managing director of Presidio Wealth Partners, based in Houston.
But the IRS could reduce the fee to 10% if you correct the mistake, withdraw the proper amount within two years and file Form 5329. 

“If you miss [the RMD], own up to it,” Bishop said. “Make sure you’re timely with it.”  
In some cases, the IRS could waive the penalty entirely if you show the shortfall happened due to “reasonable error” and you’re taking “reasonable steps” to fix it, according to the agency.

Why you should take your first RMD sooner

While retirees have until April 1 the year after turning 73 for their first RMD, many advisors suggest withdrawing the funds by Dec. 31 of the previous year. 
“I almost always say take it the first year,” said George Gagliardi, a CFP and founder of Coromandel Wealth Management in Lexington, Massachusetts.
If you wait until April 1 for your first RMD, you still have to take the second one by Dec. 31 of the same year. Pre-tax withdrawals incur regular income taxes, so you’re “doubling up” for that year, Gagliardi said.

Boosting your adjusted gross income can trigger various tax consequences, including higher Medicare Part B and D premiums.
However, there are some scenarios where it makes sense to delay your first RMD until April 1, Gagliardi said.
For example, the year you turn age 73 could be higher-income due to capital gains or another event that wouldn’t repeat, he said.  More

President Donald Trump is expected to sign an executive order Thursday aimed at dismantling the U.S. Department of Education.
Karoline Leavitt, the White House press secretary, told reporters on Thursday that she expected some key functions of the Education Department, including federal student loans, to remain at the minimized agency.
However, earlier this month Trump said student debt should be managed by another agency.

President Donald Trump signs executive orders in the Oval Office of the White House on January 20, 2025 in Washington, DC. Trump takes office for his second term as the 47th president of the United States. 
Anna Moneymaker | Getty Images News | Getty Images

President Donald Trump is expected to sign an executive order on Thursday aimed at dismantling the U.S. Department of Education, throwing into question the fate of the agency’s $1.6 trillion federal student loan portfolio.
Only Congress can eliminate the Education Department. But the Trump administration can starve the agency of resources. Earlier this month, the department laid off nearly half of its staffers. The actions leave the department with 2,183 employees, down from 4,133 when Trump took office in January.

What does this all mean for the more than 40 million Americans who hold federal student loans?
“[T]his would create chaos,” said Michele Shepard Zampini, senior director of college affordability at The Institute For College Access & Success, in an interview with CNBC earlier this year.
Karoline Leavitt, the White House press secretary, told reporters on Thursday that she expected some key functions of the Education Department, including federal student loans, to remain at the minimized agency.
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However, Trump told reporters earlier this month that the loan accounts should be overseen by another department.

“I don’t think the Education [Department] should be handling the loans,” Trump said. “That’s not their business.”
Here’s what could be next for borrowers.

Other agenices floated by Trump for student loans

Trump said this month that his administration was looking to task the Treasury Department, Commerce Department or the Small Business Administration with federal student loan management.
Experts say the most logical agency would be the Treasury Department, since it already plays a role in collecting past-due debts from Americans through the Treasury Offset Program.
Meanwhile, “Neither Commerce nor SBA has any relevant experience,” higher education expert Mark Kantrowitz told CNBC this month.

Student loan forgiveness could be at risk

These changes at the Education Department could not come at a worse time for federal student loan borrowers, consumer advocates say.
Court rulings have nixed Biden administration attempts at widespread forgiveness and repayment plans with lower payments, leaving many borrowers confused and saddled with higher costs.

Without the Education Department operating at full capacity, borrowers may now find their applications for existing loan forgiveness programs stalled, Kantrowitz said. Federal student loan borrowers can be eligible for debt cancellation under income-driven repayment plans or if they become disabled, among other reasons.
Student loan servicers handle the paperwork for the relief, but it’s the Education Department that “has final approval of all student loan forgiveness,” Kantrowitz said.
One important thing to keep in mind: The terms and conditions of your federal student loans cannot change even if the agency overseeing them does, experts say. Borrowers’ rights were guaranteed when they signed the master promissory note when their loans were originated.
The White House did not immediately respond to a request for comment.
What worries do you have about your federal student loans with the Education Dept. at risk? If you’re willing to share your experience for an upcoming story, please email annie.nova@nbcuni.com.

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Omar Marques | Lightrocket | Getty Images

Appetite for ether ETFs has been tepid since their launch last July, but that could change if some of the regulatory wrinkles holding them back get “resolved,” according to Robert Mitchnick, head of digital assets at BlackRock.
There’s a widely held view that the success of ether ETFs has been “meh” compared to the explosive growth in funds tracking bitcoin, Mitchnick said at the Digital Asset Summit in New York City Thursday. Though he sees that as a “misconception,” he acknowledged that the inability to earn a staking yield on the funds is likely one thing holding them back.

“There’s obviously a next phase in the potential evolution of [ether ETFs],” he said. “An ETF, it’s turned out, has been a really, really compelling vehicle through which to hold bitcoin for lots of different investor types. There’s no question it’s less perfect for ETH today without staking. A staking yield is a meaningful part of how you can generate investment return in this space, and all the [ether] ETFs at launch did not have staking.”
Staking is a way for investors to earn passive yield on their cryptocurrency holdings by locking tokens up on the network for a period of time. It allows investors to put their crypto to work if they’re not planning to sell it anytime soon.
But Mitchnick doesn’t expect a simple fix.
“It’s not a particularly easy problem,” he explained. “It’s not as simple as … a new administration just green-lighting something and then boom, we’re all good, off to the races. There are a lot of fairly complex challenges that have to be figured out, but if that can get figured out, then it’s going to be sort of a step change upward in terms of what we see the activity around those products is.”
The Securities and Exchange Commission has historically viewed some staking services as potential unregistered securities offerings under the Howey Test – which is used to determine whether an asset is an investment contract and therefore, a security. But a more crypto friendly SEC is moving swiftly to reverse the damage done to the industry under the previous regime. Its newly formed crypto task force is scheduled to kick off a roundtable series Friday focused on defining the security status of digital assets.

Ether has been one of the most beaten up cryptocurrencies in recent months. It’s down more than 40% year to date as it has struggled with conflicting and difficult-to-comprehend narratives, weaker revenue since its last big technical upgrade and increasing competition from Solana. Standard Chartered this week slashed its price target on the coin by more than half.
Mitchnick said the negativity is “overdone.”
“ETH … at the second grade level is easier to define … but at the 10th grade level is a lot harder,” he said. “Second grade level: it’s a technology innovation story. … Beyond that, it does get a little more vast, a little more complicated. It’s about being a bet on blockchain adoption and innovation. That’s part of the thesis as we communicate it to clients.”
“There are three [use cases] that we focus on that have a lot of resonance with our client base: it’s a bet to some extent on tokenization, on stablecoin adoption, and on decentralized financing,” he added. “It does take a fair bit of education, and we’ve been on that journey, but it’s going to take more time.”
BlackRock is the issuer of the iShares Ethereum Trust ETF. It also has a tokenized money market fund, known as BUIDL, which it initially launched a year ago on Ethereum and has since expanded to several other networks including Aptos and Polygon.

Don’t miss these cryptocurrency insights from CNBC Pro: More

“Sequence of returns risk” refers to how the timing of withdrawals paired with stock market losses can impact how long your nest egg lasts.
This issue is biggest during early retirement years because there will be less money for future growth when the market rebounds.
You can reduce this risk with portfolio diversification or the “bucket strategy,” experts say.

Doug Wilson | Corbis Documentary | Getty Images

Stock market dips can create a big portfolio risk during your earlier retirement years — and many investors don’t prepare, financial experts say. 
The issue, known as “sequence of returns risk,” refers to how the timing of withdrawals paired with stock market losses can affect how long your retirement savings last.

Your first five years of retirement are the “danger zone” for tapping accounts during a downturn, according to Amy Arnott, a portfolio strategist with Morningstar Research Services.
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If you take assets from accounts when the value is falling, “there’s less money left in the portfolio to benefit from an eventual rebound in the market,” she said.  
Moreover, sequence risk can increase your chances of outliving retirement savings, Arnott said.
Let’s say your portfolio dropped by at least 15% during your first year of retirement and you also withdrew 3.3% of the balance.

That combination would increase your odds of depleting the portfolio within 30 years by six times compared with someone who has a first-year positive return, according to a 2022 Morningstar report. The Morningstar research assumed future yearly withdrawals were fixed at the same share of the portfolio.

Negative returns are more harmful early in retirement than later, according to a 2024 report from Fidelity Investments. That’s because retirees miss more years of potential compound growth.   
“It’s very difficult to overcome those losses in early years,” said David Peterson, head of advanced wealth solutions at Fidelity.
By comparison, early years of positive returns in retirement have “the advantage of the markets working in your favor,” he said.

Keep a ‘balanced asset allocation’ 

As you approach retirement, a “balanced asset allocation” is one of the best things investors can do to reduce sequence risk during early retirement years, Arnott said. 
For example, there’s a lower sequence risk if your portfolio is 60% stocks and 40% bonds compared with heavier stock allocations, she said. 
With the “proper asset allocation,” negative returns might not be as extreme for your portfolio as the stock market losses, Peterson said. Of course, the right mix ultimately depends on your risk tolerance and goals. 

Adopt the ‘bucket approach’

You can also shield your portfolio from stock market losses with a retirement strategy known as the “bucket approach,” Arnott said. 
Typically, you’ll keep one to two years of living expenses in cash, which would be accessible during market dips, she said.  
The next five years of spending could be in short- to intermediate-term bonds or bond funds. Beyond that, the third bucket focuses on growth with stocks, Arnott said.
“It does take some maintenance from year to year,” but it could provide “peace of mind” while reducing sequence of returns risk, she said. More

As the Social Security Administration seeks to curb identity fraud, more people will now be required to visit an office to claim benefits or change their direct deposit information.
In the next two weeks, the agency will transition to stronger identify proofing procedures.
The change may prompt “more headaches and longer wait times,” the AARP said.

The Social Security Office in Alhambra, California.
Mario Anzuoni | Reuters

As the Social Security Administration seeks to curb identity fraud, more people will now be required to visit an office to prove their identity for new benefit claims and direct deposit changes.
In the next two weeks, the agency will transition to stronger identify proofing procedures, the Social Security Administration announced on Tuesday.

Individuals who cannot use an online My Social Security account for identity proofing will need to visit their local Social Security office, according to the agency.
As a result of the new proofing measures, the Social Security Administration also plans to accelerate the processing of both online and in-person direct deposit change requests to one business day, down from the 30 days those changes were typically held.
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The changes are aimed at helping to avoid the fraudulent redirection of benefit checks, which the agency has been warning about for years. Social Security Administration acting commissioner Lee Dudek said he witnessed the effects of the fraud firsthand while working in one of the agency’s field offices.
“It’s always heartbreaking,” Dudek said on a Tuesday press call, recalling the tears, anger and disbelief he saw from victims.

“The beneficiary always needs the money they depend on,” Dudek said. “Many times it’s their only source of income, and guys steal their information and redirect their check somewhere else.”
Ultimately, “it was up to SSA to make it right,” said Dudek, who estimates the agency is now losing more than $100 million per year due to direct deposit fraud.
Between January 2013 and May 2018, fraudsters redirected $33.5 million in benefits for 20,878 beneficiaries by making unauthorized direct deposit changes, audits from the Social Security Administration Office of the Inspector General found. Over that same period, the Social Security Administration was able to correct unauthorized direct deposit changes before checks were issued for an additional $23.9 million in payments to 19,662 beneficiaries.

How new identity proofing procedures will work

The agency plans to move away from knowledge-based authentication, which uses personal questions like asking for your mother’s maiden name or a previous address to verify identities. A spate of private company data breaches have made it so much of the same information the Social Security Administration asks for is available in the public domain, Dudek said.
The Social Security Administration plans to enforce the new online digital identity proofing and in-person identity proofing starting on March 31, following a two-week training period for management and frontline employees.
Individuals who want to start benefits claims may do so by phone if they cannot go online. However, they will have to verify their identify in person to complete their request.

“The agency therefore recommends calling to request an in-person appointment to begin and complete the claim in one interaction,” the agency stated in its March 18 announcement. “Individuals with and without an appointment will need to prove identity before starting a transaction.”
Individuals who want to change their direct deposit information and who cannot go online, can either visit a local office or call to schedule an in-person appointment.
The change may require foot traffic to Social Security offices nationwide to increase by about 75,000 to 85,000 more in-person visitors per week, according to reports on an internal Social Security Administration memo.

‘More headaches and longer wait times’ possible

The change comes as the Department of Government Efficiency, an unofficial government entity within the Trump administration, has disclosed it plans to close about 47 Social Security offices across the country out of approximately 1,230 locations.
Meanwhile, Social Security’s 800 number has struggled with long wait times.
The AARP, an interest group that represents Americans ages 50 and over, urged the Social Security Administration to reverse the decision. The changes will prompt “more headaches and longer wait times to resolve routine customer service needs,” Chief Advocacy and Engagement Officer Nancy LeaMond said in a March 19 statement.

The change not only “comes as a total surprise but is on an impractical fast-track,” LeaMond said.
“SSA needs to be transparent about its service changes and seek input from the older Americans who will be affected, because any delay in Social Security caused by this change can mean real economic hardship,” LeaMond said.
Advocacy groups also expressed concern that certain beneficiaries — particularly older, disabled or rural residents — may have difficulty accessing the necessary in-person services.
On Tuesday, Social Security acting commissioner Dudek said he is open to meeting with advocates and helping to figure out better ways to help their constituents.
“If it is to the detriment of our citizens that we serve, then we’re going to take necessary actions to improve those services,” Dudek said.  More