Saturday, December 17, 2016

U.S. Student Loan Repayment Will Cost Taxpayers $108 Billion - Julia Ramirez, University Herald

The Government Accountability Office reported that the Education Department has miscalculated the budget on a popular student loan repayment program. GAO has estimated the real cost as $108 billion and stated that the accounting of the Education Department unreliable. Washington Post reports that the Obama administration has widened the scope of the programs that allow capping of monthly payments to a percentage of earnings. These steps eventually forgive the balance. There is a soaring cost in the enrollment in these income-driven repayment plans. However, the federal government's budget is incapable of keeping up with the expenses.

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