GAO: So About That $114B Due In From Student Loans...

Watchdog report: Education Dept. is instead set to lose about $197B, partly due to COVID relief 

By Jenn Gidman, Newser Staff Aug 2, 2022

The Department of Education had been banking on getting its hands on $114 billion or so in income due from federal student loans issued over the past quarter-century. Instead, a watchdog has delivered some bad news: It's actually set to lose $197 billion, in part due to the suspension of loan payments made during the pandemic, reports CNBC. The report of this nearly $200 billion loss comes from the Government Accountability Office, whose analysis released Friday found that such loans made between 1997 and 2021 will cost the government about $9 for every $100 doled out. That contrasts with the initial projection that the Education Department would bring in $6 for every $100 lent...........To Read More....