Treasury department to take on student loans after tax and trade

The Trump administration is planning massive financial changes for the nation, prompted by the passage of the One Big Beautiful Bill, as The Daily Caller reported.

According to Treasury Secretary Scott Bessent, he expects there to be a boom in manufacturing as well as several other industries following the bill’s passage. However, the hardest parts of his job aren’t behind him, as his department is turning its attention to the issue of student loans as soon as possible.

Currently, the Treasury Department is focused on trade and tax policy, but once that is settled, they will move on to rolling back damage done by the last administration.

Admin Focus

Bessent admitted that for the first few months of this term in office, President Donald Trump has been focused on trade deals and re-implementing his 2017 tax cuts.

This move was consistent with his campaign promises to cut taxes and put America back on top of international trade.

However, according to Bessent’s comments on “The Charlie Kirk Show” on July 3, his department will then prioritize student loan debt, though he said they do not currently have a specific “solution” to the crisis.

“Once we have finished trade and taxes here at Treasury, we’re going to take on the student loan portfolio,” Bessent said. “We don’t have a solution for what’s going on there, but I do think that just forgiving student debt was unacceptable.”

Previous Plan

Moves by the prior administration are at least partially to blame for the crisis, according to the Trump administration official, who said he disagrees with the Biden debt forgiveness program.

“I think that there is a firm and humane way to deal with the student debt crisis. And we are going to be focused on that here at Treasury,” he continued.

“Because for many young Americans, they’ve started out post-college with the equivalent of a mortgage. So we’re going to be working on that.”

More Economic Support

The tax and student loan changes are one piece of the administration’s puzzle for a more productive American economy.

In addition to Trump’s promise to take the federal government’s hand out of the taxpayer’s pocket, he has also promised to make up for that lack of funds by taking it from other nations during the importation of goods.

According to the Trump plan, the federal income tax may be done away with altogether, which would make arguments about tax on tips and other specific federal withholding issues null and void.

Whether that relaxation of finances would allow concerned Americans to pay down their own student loans faster, or if there would still be a call for federal involvement, remains to be seen.

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