Tag Archives: Department of Education

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What I Learned About Future Student Loan Policy from the Betsy Devos Confirmation Hearing

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betsy devos confirmation hearingLike most Americans, I made sure to catch the tail end of the Betsy Devos confirmation hearing for Secretary of Education. Kidding aside, I’m more stunned with what I didn’t hear than what I did. I checked the transcript as well to make sure I hadn’t missed a substantive student loan discussion. After watching lawmakers ask their questions, I think we’ll have current loan rules around for a little longer than I expected.

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The US Will Forgive $1 Trillion of Student Debt, Not $108 Billion

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US will forgive $1 Trillion in student loans

A bombshell report from the Government Accountability Office (GAO) on Wednesday shattered faulty accounting from the Department of Education on the cost of the Federal Student Loan Program. The new cost estimate to taxpayers for all loans issued through 2017 is expected to be $108 billion, far higher than originally expected. In my student loan consulting business, I’ve saved almost 100 clients over $10 million in the past two months. Almost all of this money was at the expense of the US government.

The GAO report’s cost projections for student loans through 2017 are far too low, and the report includes no costs for future years of loan issuance under current rules. Based on what I see as a private student loan consultant, the US will forgive $1 trillion of student debt over the next 20 years. The government created one of the largest entitlement programs in history by accident, making college mostly free for millions of Americans if they use the loan rules to their advantage.

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