Efforts by the Trump administration to dismantle the Education Department are underway. Here's what it could mean for students.

Could borrowers see their debts wiped out if the DOE ceases to exist, or would they simply find themselves under new management?

President Donald Trump has reportedly set his sights on eliminating the U.S. Department of Education, a long-time Republican goal and promise from his campaign. The proposed plan, though, gives rise to a host of unanswered questions—not least of which is what happens to the 42-plus million Americans with federal student loan debt.

The Trump administration has promised to eliminate the Department of Education, shifting more responsibility back to the states. States already have significant control over education — particularly when it comes to setting standards and deciding on curriculum, but eliminating the department would have major repercussions for college students.

Millions of borrowers are in the tough position of owing student loan debt from college while nearing retirement age. New survey data shows that most of these borrowers have children, and many provide care for relatives and friends.

President Trump could order the U.S. Department of Education to shut down. Jill Schlesinger has tips for student loan borrowers if that happens.