Quote:
Originally Posted by LogicalApex
As I said earlier, the government intended the program as a profit center and the driver for it losing money is predominately due to the student loan relief given under President Trump.
But you can let the GAO tell you that instead since you're incapable of comprehending my posts...
https://www.gao.gov/products/gao-22-105365
CARES Act was signed by President Trump @ https://trumpwhitehouse.archives.gov...748-cares-act/
Also, news flash. If the borrower defaults on the loan the tax payer is still paying for the loan balance. Whether it be bankruptcy or not since the loans are fully underwritten and provided by the government.
But you're incapable of understanding facts so I'll say good luck with life to you as well.  |
The $114B (which by the way is a 5 year figure, not an annual figure, and tiny in relation to the total debt outstanding) and related report was flawed, as later reported by the GAO, perhaps in the broken link you posted. Even if you remove the effect of CARES Act, there is still a shortfall due to income-driven repayment plans already in effect.
If the debt could be discharged in bankruptcy per my earlier post, and interest rates were increased to reflect the risk of defaults, the taxpayer would not be paying for the defaults. Other borrowers would be paying for those defaults because the incremental interest would cover it. Sorry I didn't make that clear enough for you.