Jumbo Loans are getting more than $300bn of new loans from the SBA.

The agency says it will be issuing $300b of new student loans this year, as it seeks to balance its budget.

The SBA says the loans, the most significant of which is a $300.5bn loan for students with a high school diploma or equivalent, are being issued because it expects the economy to contract and that students are going to need a steady income. 

The loan is the largest single payment for any student loan in history, SBA chief financial officer Chris Stokes said on a call with analysts. 

“We are seeing more students in need of loans and it is becoming more and more difficult to balance our budgets,” Stokes added. 

Student loans are not new to the SBC.

The agency said it issued $50bn of loans in 2009 and $60bn in 2010.