The Education Department’s $311 Billion Budget Mistake
Committee on Education & Labor
August 1, 2022
The Department of Education (ED) misled taxpayers for decades. Progressive policymakers have claimed that the federal student loan program would pay for itself—this is utterly false. In fact, because of faulty budgeting, this system has been costing taxpayers billions each year. Despite this, Democrats are still lobbying the Biden administration to enact massive loan forgiveness. Here’s what you need to know…
NEW ANALYSIS by a government watchdog finds that ED radically underestimated the true cost of the federal student loan program. While originally expected to generate revenue for the federal government, the nonpartisan Government Accountability Office analysis finds that ED underestimated the cost of the federal Direct Loan program by $311 billion.