The Trump administration's stated plans to abolish the U.S. Department of Education begs a question: What impact would it have on student loans, since the department is the largest provider of student financial aid in the nation? An executive director of a college access program described what could be at stake.

As reports surface that Trump is working on an executive order to dismantle the department, Elon Musk wrote late Monday that Trump “will succeed” in eliminating the agency, which oversees nearly $2 trillion in student debt.

“It’s kind of hard to imagine you would get rid of some of the programs – Title I, Title II – some of these programs that are really providing financial assistance in the rural communities for lower-income and at-risk young people,” said Samuel Rowser, executive director for OnPoint for College, a nonprofit organization that helps underserved student go to college with as little loans as possible.

Although its focus is helping the students graduate, Rowser said student loans have a heavy impact on people who’ve finished college and still have debt.

“If this loan forgiveness program goes through, I can use these funds to be able to buy my first house, or buy me a car to get back and forth to work. And there is that SAVE ACT that’s in place now that’s in front of the justice system. The Trump administration is coming in and they need to say, 'are we going to continue to push for Biden’s policy?' or are we just going to say 'no, we’re not pushing for it, just drop it,'” said Rowser. 

But what impact could not repaying your student loans have on the economy? 

“If you create a situation where people think that their loans are forgiven, it creates many problems,” said Evsen Turkay Pillai, an economics professor at SUNY Polytechnic Institute.

She says if a student believes their loans will be forgiven, it takes away their rigorous thinking. 

“It creates what we call a moral hazard problem. We are not making the choices that are very good for yourself, and very good for the economy,” said Pillai. 

She said you then have to ask, who will pay for these loans?

“The taxpayers have to pay for all of it. I believe that’s not going to be a very popular proposition as well,” said Pillai.

No matter where the new administration lands, Rowser says pursuing education is the key.

“We have to stand fast, we have to stand tall and we have to keep moving forward. There is a process in place that we can help you to get in, stay in and be successful,” said Rowser.