This bill would transfer management of the federal student loan program from the Department of Education to the Department of the Treasury. The legislation shifts responsibility for servicing all federal student loans, handling defaulted debt, and administering student aid eligibility policies to Treasury, including oversight of Pell Grants, Direct Loans, Federal Work-Study, and related programs. The bill requires the Education and Treasury Secretaries to jointly determine implementation dates for the transfers, with collections and default management moving first, followed by servicing of non-defaulted loans, then remaining student aid functions. The legislation includes safeguards such as a requirement that the OMB Director ensure no net increase in federal employees results from the reorganization and mandates certification of compliance to Congress on each effective date. Additionally, the bill would eliminate an existing exemption that allows student loans to avoid standard federal debt collection procedures.