The Trump administration on Wednesday announced the launch of the "Defaulted Loan Support Center," aimed at providing information and options for borrowers who have defaulted on student loans. Treasury Secretary Scott Bessent stated that the move is intended to restore fiscal responsibility to the nation's $1.7 trillion federal student loan portfolio. Latest data shows that as of June 30, approximately 9.3 million federal student loan borrowers were in default, an increase of about 50% since 2016. The surge in student loan defaults is attributed to the end of repayment pauses during the pandemic and the termination of the Biden administration's SAVE plan.