President Donald Trump said Friday that the Small Business Administration, instead of the U.S. Department of Education, would handle the country’s federal student loan portfolio.

“We have a portfolio that is very large, lots of loans, tens of thousands of loans, pretty complicated deal,” Trump said, speaking to reporters in the Oval Office. “That’s coming out of the Department of Education immediately.”

“They’re all set for it,” the president said of the SBA. “They’re waiting for it.”

Outstanding federal education debt exceeds $1.6 trillion, with more than 40 million Americans holding student loans.

Trump’s announcement comes a day after he signed an executive order aimed at dismantling the Education Department. Only Congress can unilaterally eliminate the agency.

Consumer advocates are worried that the mass transfer of accounts could trigger errors, or compromise borrowers’ privacy. They also raised concerns about how a change in agency might affect protections and programs such as Public Service Loan Forgiveness.

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Generally, you calculate RMDs for each account by dividing the prior Dec. 31 balance by a “life expectancy factor,” according to the IRS. Some companies calculate RMDs for you, but you’re ultimately responsible for withdrawing the correct amount.  

There’s a 25% penalty for skipping the RMD or not withdrawing enough, said certified financial planner Scott Bishop, partner and managing director of Presidio Wealth Partners, based in Houston.

But the IRS could reduce the fee to 10% if you correct the mistake, withdraw the proper amount within two years and file Form 5329. 

“If you miss [the RMD], own up to it,” Bishop said. “Make sure you’re timely with it.”  

In some cases, the IRS could waive the penalty entirely if you show the shortfall happened due to “reasonable error” and you’re taking “reasonable steps” to fix it, according to the agency.

President Donald Trump signed an executive order on Thursday aimed at dismantling the U.S. Department of Education.

The Education Department oversees the country’s $1.6 trillion federal student loan portfolio, provides funding to low-income students and enforces civil rights across the country.

Only Congress can unilaterally eliminate the Education Department. But the Trump administration can starve the agency of resources.

Earlier this month, the department laid off nearly half of its staffers. The actions leave the department with 2,183 employees, down from 4,133 when Trump took office in January.

Karoline Leavitt, the White House press secretary, told reporters on Thursday that she expected some key functions of the Education Department, including federal student loans, to continue to be run out of the minimized agency.

It was hard to overestimate the harm the order would inflict, consumer advocates said.

“Today’s decision does not serve the interests of students or families,” said Mitria Spotser, vice president and federal policy director at the Center for Responsible Lending, in a statement.

“It weakens public education, abandons civil rights enforcement and prioritizes corporate interests over the fundamental right to a quality education,” Spotser said.

Former President Jimmy Carter established the current day U.S. Department of Education in 1979. Since then, the department has faced other existential threats, with former President Ronald Reagan calling for its end and Trump, during his first term, attempting to merge it with the Labor Department.