Oops—White House Loses $22 Billion on Student Loan Plans
White House education policies aimed at helping borrowers with $1.3 trillion in student debt are gaining traction– with enrollment in income-based-repayment programs doubling in the last two years. While the programs may be working to ease the burden for borrowers, it’s coming at a potentially hefty price tag for taxpayers.
Hidden in a footnote of the president’s 2016 budget blueprint, the White House estimated that it expects to earn $22 billion less than projected in student loan payments this year. That multibillion-dollar tidbit was first unearthed by Politico, which noted that the sum was “larger than the annual budget for NASA, or the Interior Department and EPA combined.” Read More