New Delhi, March 22 -- S President Donald Trump announced on Friday (March 21) that the Department of Education (DOE) will begin winding down operations, with its key responsibilities being reassigned to the Small Business Administration (SBA) and the Department of Health and Human Services (HHS).

Trump revealed that the SBA, led by Kelly Loeffler, will take over the Department of Education's $1.6 trillion student loan portfolio.

"I've decided that the SBA, the Small Business Administration headed by Kelly Loeffler, terrific person, will handle all of the student loan portfolio," Trump told reporters in the Oval Office.

The transition will happen "immediately," he said, adding, "They are all set for it, they are waiting for it. It'll b...